E-retail has grown more than 50% so far this year for the department store chain. Belk plans to spend $32 million on the project.
Coupons.com raises $200 million in new investment
The provider of digital discounts eyes mobile and social media growth, and global expansion.
Coupons.com Inc. said today it has raised $200 million in new investment from what the company calls institutional investors. Coupons.com, which distributes digital coupons through its own site and its affiliate network, says it will use the money to hire more staff, introduce new products and services and fund international expansion. The company also says it will use up to $100 million to “facilitate liquidity for employees and early investors.”
“This investment will help fuel our growth as we continue to revolutionize the multi-billion dollar coupons industry that for decades has relied predominately on newspapers for distribution,” says Steven Boal, CEO of Coupons.com. “As newspaper readership continues to decline and more consumers are looking online for savings, digital coupons are gaining significant momentum, transforming an industry and offering consumers innovative options to save on the more than half a trillion dollars spent on grocery items alone in the U.S. every year.”
The privately held Coupons.com, founded in 1998, offers consumers digital version of coupons from retailers and brands. Coupons.com did not identify the investors.
The company, which employs 300, plans to hire 100 additional workers this year. Much of the hiring will involve engineering, sales and client marketing positions. Funding also will help Coupons.com deploy tools that would make it easier for companies, especially smaller manufacturers that find it difficult to place offers in newspaper inserts, to offer digital coupons, the company says. The investment also will help Coupons.com invest in social media and mobile channels.
Coupons.com says it wants to increase its international presence; it offers coupons and vouchers in 12 European countries through its 50% ownership of U.K.-based Couponstar Ltd. Additionally, the investment will help fund acquisitions.
“Frugal is the new black,” says Boal. “As consumers are looking for savings and deals more than ever before, Coupons.com is expanding the coupons and promotions market, by allowing more brands to connect with more consumers at every touch-point across the digital landscape.”