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Groupon raises $950m investment to fuel global expansion programme

Kathleen Hall

Groupon has become the latest social media site to rally substantial investment, raising $950m in its latest round of fundraising.

The company said it will use the funds to fuel global expansion, invest in technology, and provide liquidity cash for employees and an early return for investors.

"We're thrilled that Groupon has earned the confidence of some of the world's most respected investment firms," said Andrew Mason, founder and CEO of Groupon. "With their support, we will continue on our mission to change the way people shop locally and serve the world's local businesses."

In 2010 Groupon expanded in to 35 countries and grew its subscriber base from 2 million to more than 50 million.

The news follows Groupon's decision to break off talks with Google last month over a reported $6bn acquisition.

The investment is the latest in a series of fundraising for social media. Earlier in January Facebook raised £2bn, while Twitter raised $200m last month.

The announced has also stoked rumours that 2011 could see a flurry of IPOs in the social media market.

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