July 12, 2010, 1:56 PM

Deal site BuyWithMe raises $16 million

The funding will enable the site to operate sites in 20 markets by year’s end.

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BuyWithMe, which operates a web site that offers coupons for restaurants, retailers and activities, says it has raised $16 million in a Series B round of venture funding led by Bain Capital Ventures. Matrix Partners, one of the site’s existing investors, also participated in the round.

Like Groupon, LivingSocial and other deal sites, BuyWithMe.com offers steep discounts that change daily. For instance, a consumer today can spend $35 to buy a $75 chef demo and dinner at an Italian restaurant in Watertown, MA. Consumers can share the offer through Facebook, Twitter and e-mail. As with Groupon, deals only become active once a minimum threshold of consumers agree to purchase the item or service.

BuyWithMe says it plans to use the funding to add staff, as well as expand into new markets. The site, which operates deals in New York, Boston, Philadelphia, Washington, DC, and San Diego, says it plans to be in 20 markets by the end of the year.

“Community buying is a significant trend that is transforming online purchasing,” says Cheryl Rosner, BuyWithMe CEO. “Our business model has already proven itself to be extremely successful in harnessing the power of local communities. We believe that Bain Capital Ventures is the right partner to support the next phase of our growth strategy.”

In January, BuyWithMe raised $5.5 million in a Series A funding from Matrix Partners.

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