Groupon is a website that offers one deal each day, which consists of a discounted gift certificate for a different company each day. The name blends the words group and coupon, and is based on the idea that a coupon only becomes available after a set number of people agree to purchase it. The first region served by the website was Chicago, but this was soon followed by Boston, New York and Toronto. Today, the website serves much of North America as well as regions in Europe, Asia, South America. Groupon has approximately 35 million registrations and reported revenue for 2010 of over $300 million. The company employs over 7000 people and remains one of the most visited websites on the Internet. If you have ever wondered who founded this successful Internet business, keep reading to find out.
Who founded Groupon?
Groupon was founded by Andrew Mason in 2008. He originally received $1 million in funding from, his former boss and entrepreneur, Eric Lefkofsky to develop ThePoint.com in 2007. This website gave Mason the idea for Groupon, which he developed and launched in 2008. Since this time many websites have also begun using the same business model, but Groupon remains the most popular and most successful.
Did you know?
In December 2010, Google reportedly offered $6 billion to purchase Groupon, but the company turned down the offer.