Germany-based daily deals platform operator Global Savings Group (GSG) has closed a $22.4m series C round backed by e-commerce group Rocket Internet and telecommunications company Deutsche Telekom.
The $22.4m is made up of $10.2m in credit and $12.2m in equity funding. The round included financial services firm Deutsche Bank and venture capital firms Holtzbrinck Ventures and Ru-Net, while Deutsche Telekom contributed through its Deutsche Telekom Venture Funds subsidiary.
Founded in 2012, GSG operates a range of online couponing and daily deal sites including CupoNation, Flipit.com, Actiecode.nl, SerialDealer and the recently launched lifestyle and travel portals Savly and Holiday Detective.
The financing will be invested in expanding GSG’s offering beyond online couponing, and to improve its position in the travel and lifestyle markets.
GSG raised $11.1m in a 2015 series B round backed by Deutsche Telekom Strategic Investments, Rocket Internet, Holtzbrink Ventures, New Enterprise Associates, E.ventures, Ru-Net, Silicon Valley Bank and Columbia Lake Partners. Rocket Internet provided the company’s initial funding in 2012.
Adrian Renner, managing director of GSG, said: “This investment helps us to grow our existing business further, to continue pursuing our strategic M&A activities and to bring new services to our partners and customers.”