The Rest Of The Details On That Monster Groupon Financing
Last Updated on Thursday, 15 April 2010 04:28 Written by Daisy Harley Thursday, 15 April 2010 04:28
On Tuesday we reported on a massive new financing round for Groupon. We’ve been gathering more details on the yet-to-be-announced round and other financial details about the company, and the picture is now nearly complete.
Groupon raised (or is raising) around $130 million, says a new source, and the valuation is $1.35 billion. Russian holding company and investment firm Digital Sky Technologies is leading the round, and there’s participation from Battery Ventures as well. All or nearly all of the round is being used to purchase stock from insiders to give them an early cash out in advance of an IPO.
We’ve also heard that the Accel round last December, $30 million, was also used to cash out insiders. Meaning the founders, employees and other insiders will be taking a whopping $160 million in secondary stock sales.
Why isn’t Groupon raising the money for operations? Because it’s making money hand over fist, say our sources. The company is generating $1 million or more per week in pure profit from the resale of steeply discounted local business products and services. Estimated 2010 revenue is $350 million.
Article source: http://techcrunch.com/2010/04/15/the-rest-of-the-details-on-that-monster-groupon-financing/
Well…I’m Sick Of You Looking at Me Looking at You! – savage chickens
Last Updated on Thursday, 15 April 2010 04:28 Written by Daisy Harley Thursday, 15 April 2010 04:28
One day, our computers will have their sentient revenge. Until then, it’s called Excel spreadsheets. [SavageChickens via TheNextWeb]
Article source: http://gizmodo.com/5518100/wellim-sick-of-you-looking-at-me-looking-at-you
Google: Android Market Now Serving 38,000 Apps, Nexus One Is A Profitable Business
Last Updated on Thursday, 15 April 2010 04:28 Written by Daisy Harley Thursday, 15 April 2010 04:28
Google reported strong earnings this afternoon, with revenue coming in at $5.06 billion for the quarter, up 19 percent from last year. Net income for the quarter also increased to $1.96 billion, up from $1.4 billion last year. Of course, we heard a few interesting tidbits during the earnings call, specifically relating to Google’s mobile business.
The Android Market now includes 38,000 apps, up 8,000 apps from a month ago. The application store for Android devices supposedly hit the 10,000 apps milestone in September 2009 and grew to some 16,000 apps in Android Market in December 2009.
Additionally, Google revealed that Nexus One, Google’s recently launched Android phone, is a profitable business for the search giant. The fact that’s its already profitable is surprising, if you take into account this report from Flurry, which reported low Nexus One sales. In fact, there’s been a lot of talk today about how the Nexus One’s initial roll-out has been a flop.
But Google maintained today that they are “driving the business to be a profitable business from the get go.” When asked if the phone will be offered in retail stores, Google couldn’t comment, but “is happy with device uptake and impact it has had raising the bar showing what a smartphone can do.”
Article source: http://techcrunch.com/2010/04/15/google-android-market-now-serving-38000-apps-nexus-one-is-a-profitable-business/

