Groupon, a Chicago, IL-based social commerce service, has raised $30m in equity financing.
The round was led by Accel Partners with participation from Groupon’s initial investor, New Enterprise Associates.
The new funds will be used to accelerate Groupon’s customer acquisition, expand into new geographies and further develop its technology. Groupon plans to be in 30 cities by the end of 2009.
Groupon uses collective buying power to feature daily deals on the best stuff to do, eat, see, and buy in 26 major cities across the United States, including Chicago, Boston, New York City, San Francisco, Atlanta and Washington, D.C. The social commerce service is a project of The Point (http://www.thepoint.com), an online community launched in 2007 for organizing group action.