Coupons.com raises $30 Million from Greylock Partners

Coupons.com, the Mountain View, Calif. – based provider of digital coupons, has recently announced the end of a new funding round which has brought the company the amount of $30 million. This funding round has been led by Greylock Partners.

This new round of funding, which comes in addition to the recently raised $200 million from institutional investors, is going to bring the amounts of money needed by the company in order to transform this multi-billion dollar coupon industry into something different from what their opponents such as Groupon.com have to offer, meaning to extend the variety of products put at the disposal of their clients from the print publications to the digital environment. This comes as a reaction to the decline of the print publications which naturally generated the need of publishing coupons online instead of distributing them through newspapers.

Steven Boal, the CEO of the company, has stated the following: “As the coupon book in the newspaper gets thinner, it’s because it’s slowly moving to Coupons.com.”

After this deal, the partners at Greylock will be given permission to act as an important adviser. The company announces that it is going to use Greylock’s expertise in order to find market-transforming couponing solutions, such as mobile- and social-based products and services. The company also intends to use Greylock’s expertise in order to expand Coupons.com at an international level and for point-of-sale integration.

Steven Boal also declared the following: “We are very excited to work with Reid Hoffman and James Slavet and the entire Greylock team. Greylock’s expertise and relationships will prove invaluable as we continue connecting brands with consumers via money-saving offers at every touch-point across the digital landscape—including web, social and mobile—and along the consumer’s entire path to purchase.”

The amount invested by Greylock Partners is that of $30 million, half of which have already been invested by this moment. Reid Hoffman, one of the partners at Greylock Partners, has stated the following: “We’re very pleased with our investment in Coupons.com and are excited about working with the team as they continue to build a substantial, market-defining company. Coupons.com is almost single handedly transforming the multi-billion dollar coupon industry by ushering the newspaper-dominated business to digital. The market opportunity the company faces is immense, and we look forward to contributing in any way to their continued success, particularly in the context of social and mobile solutions.”

At the moment, the company is hiring aggressively. Since June to the present moment, the staff at Coupons.com has increased from 288 employees to 450 employees, amount which is expected by the end of the year, which actually means that we are talking about a growth of over 50 percent in a period of only six months.

Also, in order to attract more clients, the company decided to lower the barriers to entry for companies to offer coupons, which means that smaller businesses will also be considered. The company has also managed to attract the attention of those potential clients which are more interested about the means of advertising on the online environment rather than on the print one. Also, the switch from print to digital will also reduce the costs of the campaigns, allowing a new sort of companies to use the services offered by Coupons.com.