Australia’s online retailing group CatchOfTheDay, which operates e-commerce site CatchOfTheDay.com.au and daily deal site Scoopon.com.au, has raised an undisclosed amount of funding (presumably around $80 million) valuing the company at $200 million, the company announced this morning.
The round was secured from New York-based Tiger Global and a group of Australian businessmen, including billionaire James Packer’s Consolidated Press Holdings, Andrew Bassat, co-founder and CEO of Seek and Glenn Poswell, founder of Gannet Capital.
You may remember the name Scoopon from the fact that Groupon recently sued the CatchOfTheDay subsidiary for squatting on the Groupon.com.au domain name, registering the company under the name Groupon Pty Limited and even attempting to register the Groupon trademark in Australia. (Groupon operates Stardeals down under for the time being.)
Groupon lodged an intellectual property action in the Federal Court in Victoria – he case has since progressed through the courts and is due for a 5-day hearing beginning on August 1. Groupon is also taking Scoopon’s founders to court in Illinois, claiming federal trademark infringement, unfair competition and deceptive trade practices.
CatchOfTheDay says the financing round marks the largest growth capital investment in the Australian e-commerce sector to date. The company’s founders, brothers Gabby and Hezi Leibovich, will retain a controlling stake in the group businesses, with Lee Fixel from Tiger Global and Jason Lenga from Seek joining the board.
The group, which is headquartered in Melbourne, Australia, says it currently rakes in roughly $4 million a week, and employs some 100 people.
The proceeds of the funding round will be used to expand geographically, introduce ‘specialized offerings’ and develop and launch mobile applications. And perhaps also the Groupon lawsuit.
Scoopon is Australiaâ€™s number one group buying site. Founded in 2010 by brothers Gabby and Hezi Leibovich, the site features one unbeatable deal a day on services and experiences. Featuring everything from restaurant deals to pampering packages, movie tickets to luxurious getaways, every day at noon a new offer promises a top deal based on a pre-determined number of coupons purchased. With the deal relying on numbers to happen, Scoopon redefines social shopping as customers band together to secure something...
CatchoftheDay is Australiaâ€™s number one online retailer, offering one highly discounted deal a day to customers. Founded by brothers Gabby and Hezi Leibovich in 2006, the business quickly expanded to include sites wine.catchoftheday and Australiaâ€™s number one group buying site Scoopon, to target the wine and services sectors respectively. CatchOfTheDay and its related sites boast a membership base of more than 950,000 active and engaged shoppers. Each day the e-commerce group receives more than 150,000 visitors to its sites,...
Groupon features a daily deal on the best stuff to do, see, eat, and buy in more than 565 cities around the world. By promising businesses a minimum number of customers, Groupon can offer deals that aren’t available elsewhere. Groupon brings buyers and sellers together in a fun and collaborative way that offers the consumer an unbeatable deal, and businesses a large number of new customers. To date, it has saved consumers more than $300 million and claims it...