Leading global digital commerce platform, Global Savings Group (GSG) will receive equity funding to further expand its operations.
The equity fund equates to $12.2 million (€10.2 million) and a further $10.2 million of credit (€9 million) which will be provided by some of the world’s top venture capital firms, including Holtzbrinck Ventures, Rocket Internet and Deutsche Telekom Venture Funds.
Under its former title CUPONATION, the German-headquartered discount platform last raised $11 million in Series B funding from a number of technology investors in early 2016, following a 670% increase in annual revenue throughout 2014.
The money will help GSG expand on its current operations, including offering beyond online couponing, strengthening its business deals in travel and lifestyle, and increasing its products to media companies.
“This investment helps us to grow our existing business further, to continue pursuing our strategic M&A [merger and acquisitions] activities, and to bring new services to our partners and customers,” said Adrian Renner, managing director and co-founder of GSG.
“The funding strengthens the development of our solutions for our media partners, where we provide them monetization opportunities that go beyond ads,” he adds.
The GSG looks on course for more growth with the volume of sales generated for its retail partners increasing by 99.4% to $550 million (€463 million) with generated sales worth over $800 million (€673 million) expected in 2017.
Oliver Samwer, CEO of Rocket Internet, said that GSG has “evolved to a winning commerce platform” for advertisers, publishers and consumers and is ensuring the continue its stable growth.