Social commerce website Groupon is on fireplace. All over the place I’m going, persons are speaking about it or attempting to repeat it. The Chicago-based startup simply employed a giant gun. Rob Solomon is becoming a member of as the corporate’s president. Solomon is a enterprise companion at Expertise Crossover Ventures, which he joined after promoting journey search engine SideStep to Kayak for $200 million. He was the CEO at SideStep, and previous to that was the VP of Yahoo Buying.
Now will assist lead fast-growing Groupon. Founder Andrew Mason will stay CEO. “Social commerce is one thing I’ve at all times been fascinated with,” Solomon tells me. He thinks that the virality that comes with on-line social connections will take e-commerce to the following stage. Groupon gives group shopping for on the native stage which is barely triggered as soon as a sure minimal variety of contributors agree to purchase. As native companies strive to determine what is going to substitute the Yellow Pages and radio promoting, Groupon hopes to fill in that hole.
The corporate’s “development is spectacular in revenues and customers,” says Solomon, with out going into extra particulars (however the numbers are spectacular sufficient for him to maneuver from sunny Silicon Valley to Chicago). The corporate operates in 45 markets, has made 2.5 million group purchases on behalf of consumers to date, and says it’s saved them $117 million. Groupon lately raised $30 million at a rumored $250 million valuation. And, sure, it’s nonetheless hiring.
