Groupon
“Can Groupon stabilize its balance sheet and reinvent itself as the go-to local-experiences marketplace after years of revenue decline?”
Founded2008
HQChicago, Illinois, USA
Latest roundPost-IPO Equity
IndustryMarketplace / Two-sided
The story
Founded in 2008 as a group-buying/deal-of-the-day marketplace, Groupon rapidly scaled globally before going public in 2011. Over the following decade the company shed its goods e-commerce business and international expansions to re-focus on local experiences and services. Facing persistent revenue decline, Groupon has relied on a series of complex convertible-note refinancing transactions (2024, 2025) to manage its balance sheet while attempting a marketplace turnaround centered on connecting consumers with local merchants.
Last 12 months
Product timeline
2008
Founded in Chicago as a deal-of-the-day website offering discounted gift certificates at local and national companies.· pivot
2011
IPO on NASDAQ (GRPN), one of the largest internet IPOs at the time.· ipo
2019
Entered a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank as administrative agent and a syndicate of lenders.· banking
2022
Adopted Avalara for global tax reporting and sales tax automation across jurisdictions.· pivot
2024
Completed $197 million financing transaction via exchange of 2026 Convertible Notes for new 2027 Convertible Senior Secured Notes.· banking
2025
Completed $244 million financing transaction exchanging 2026 and 2027 Notes for new 4.875% Convertible Senior Notes due 2030.· banking
The stack
Payments / PSP
Accounting gap: none