New Enterprise Associates and Revolution Ventures have led a $7.7 million Series A funding round in Framebridge, an online and mobile custom framing business. Timothy O’Shaughnessy, president of Graham Holdings and former CEO and co-founder of LivingSocial, also participated in the funding. Framebridge has raised more than $11 million to date.Continue
OrderUp said Wednesday that it has secured $7 million in Series A funding. Revolution Ventures led the round with participation from Tim O’Shaughnessy, co-founder of LivingSocial. In addition to the funding, Tige Savage of Revolution Ventures and Chris Brandenburg of Millennial Media have been added to OrderUp’s board of directors. Also, the firm will open two offices in New York City and Boulder, Colorado. Based in Baltimore, OrderUp is an online and mobile food ordering and delivery service.Continue
Early-stage IT and healthcare investor Grotech Ventures announces it has raised a new $225 million [...]Continue
Venture capitalists began 2013 by pouring money into startups at the slowest pace in two [...]Continue
The first quarter won't close till Sunday, but an early look at the period finds [...]Continue
U.S. daily deals online firm Living Social Inc is expected to announce on Thursday it is cutting 400 jobs, representing 9 percent of its workforce, as demand for daily deals and emailed daily discounts dries up, the Wall Street Journal reported, citing a source familiar with the plans.Continue
Mark Zuckerberg’s deal-zeal has Facebook spending a fortune as it runs up to its IPO. What’s next?Continue
Recently, Washington Post columnist Steve Pearlstein wrote a wake-up call to the nation’s capital. In it, he argued that while “local economic boosters love to remind anyone who will listen that the Washington region boasts the greatest concentration of technical or knowledge workers in the country,” the claim is “misleading.” The reality, wrote Pearlstein, is that […]Continue
Lightspeed Venture Partners will seek $675 million for its ninth fund, the VC firm stated in an SEC filing Thursday morning. The figure is about 15 percent shy of what its most recent fund, a 2008 $800 million vehicle, amassed. Along with the ongoing fundraise comes a handful of personnel moves for the firm. In […]Continue
(Reuters) – Groupon Inc’s main business grew in November as the largest daily deal company extended its lead over rival LivingSocial, according to estimates released on Wednesday. Groupon’s gross billings totaled $154 million in November, up 6 percent from the $145 million it collected in October, Yipit estimated. LivingSocial’s gross billings declined 5 percent to […]Continue
(Reuters) – The daily deal industry has jolted a formerly sleepy corner of the $30 billion online advertising market as Groupon battles with rivals to attract new customers. The customer-acquisition rush centers on the local part of the paid search marketing business, which is dominated by Google Inc in the United States. SEM, as it […]Continue
M&A in the daily deal space may have jumped in the past two years but valuation multiples are dropping, according to a report from CB Insights.
Since 2009, 72 acquisitions have occurred in the sector with more than half, or 44, taking place in Q2 and Q3 of this year, according to CB Insights.
M&A may be up but valuation multiples are “declining very quickly,” CB Insights says. I asked Jonathan Sherry, CB’s co-founder, for more info on the multiples, but he declined to disclose further information. That data is only for subscribers, he says.
The CB report did reveal that daily deal price per subscriber sold multiples has dropped 36% in Q3 from their peak in first quarter. Price per voucher sold multiples has also declined 40% in Q3 versus a high in Q1, CB said.Continue
CityDeals croaked, and was dealt to the Beehive State’s top waterparks operator. The acquisition came at a tremendous loss for the company’s backers, who put millions into a company that was ultimately claimed by one of its lenders—a lender who, in turn, still saddled the investors with CityDeals’s liabilities. However, the tale of the company’s failure—according […]Continue
(Reuters) – LivingSocial is set to run the first nationwide grocery store daily deal, teaming up with organic giant Whole Foods Market Inc. LivingSocial, the second-largest daily deal company, said it will be offering $20 worth of products at any Whole Foods store for $10. The deal is scheduled to run on Tuesday and is […]Continue
(Reuters) – Google Inc’s effort to break into the daily deal industry and challenge industry leaders Groupon and LivingSocial is not going well, according to data released on Monday. In its third month of operation, the performance of Google Offers declined in its major markets of New York, San Francisco and Portland, Oregon, data from […]Continue
AfterWorkDeals, BuyWithMe, CouponDudes, DailyDeals, E-shopsMarket, Group Commerce, HomeRun, ilikeadeal, JumpUpon, KGB Deals, LivingSocial, MyPetDeals, the New York Times’ daily deals, OzVoucherCodes, Priceline’s newest vertical, Qustodian, ReachLocal, SaleCamel, Thrillist, UrbanGain, VouChaCha, WeFeast.com, XYmob, YourBestDeals and last, but not least, Zulily.
All that’s missing is the “F:” Facebook….Continue
Facebook is getting out of the daily deals business after four months of testing, a move that may ease some competitive pressure on industry leaders Groupon and LivingSocial. “After testing Deals for four months, we’ve decided to end our Deals product in the coming weeks,” the company said on Friday in a statement emailed to Reuters.Continue