Texas Business reports: AUSTIN—WhaleShark Media, the world's leading marketplace for online coupons and deals, received $150 million in funding from J.P. Morgan Asset Management and Institutional Venture Partners (IVP) bringing the company's total funding from investors to nearly $300 million.
The capital will be used to support the company's rapid organic growth through key strategic technology and personnel enhancements within the organization and additional growth from new acquisitions.
As a part of the investment round, IVP's Jules Maltz will join WhaleShark's board of directors.
“This latest round of funding is a testament to the value WhaleShark Media provides by connecting its bargain-savvy consumers and merchant partners in the world's largest online coupon and deals marketplace,” said WhaleShark chief executive Cotter Cunningham in a prepared statement. “WhaleShark will facilitate sales in excess of $1.7 billion in 2011 and the business is growing nicely, as more consumers realize the benefits of using online coupons. We are just getting started. This round of funding will help us expand our global footprint and enhance the services we offer our consumers and merchant partners.”
“Furthermore, we are pleased to have Jules Maltz join our board,” Cunningham said. “Jules is exactly the kind of person I want with us in the trenches. He appreciates the significance of our business model, his humor is contagious and his enthusiasm is what's needed as we build the dominant marketplace in the world for online coupons and deals.”
WhaleShark operates a global portfolio of brands, including RetailMeNot.com (www.retailmenot.com ) and VoucherCodes.co.uk ( www.vouchercodes.co.uk ), the largest online coupon sites in the United States and Europe. WhaleShark's properties experience more than 300 million site visits from consumers annually.
Consumers save an average of nearly $20 on products and services every time they use one of the company's more than half million active coupons, promotional codes and deals. WhaleShark's marketplace model connects consumers seeking discounts with more than 130,000 merchants, stores and retailers. WhaleShark employs approximately 150 employees between its Austin, TX, headquarters and London, UK, offices.
“WhaleShark Media's marketplace has tapped into a time-tested Internet model of moving offline behaviors, like clipping coupons out of your Sunday newspaper, online,” said Robert Cousin, managing director, J.P. Morgan Asset Management. “We led this round due to WhaleShark's global leadership position, scalable growth, profitability and skilled management.”
J.P. Morgan and IVP's investment in WhaleShark Media follows funding by venture capital firms Austin Ventures, Norwest Venture Partners, Adams Street Partners, and Google Ventures.
Stifel Nicolaus Weisel was the financial advisor and agent to WhaleShark Media for this recent round of financing.
WhaleShark Media, Inc. is a marketplace for online coupons and deals. The company's websites connect consumers with discounts from more than 130,000 merchants, stores, and retailers. WhaleShark Media has more than 300 million visitors to shop its sites annually.