WhaleShark Media has received USD150 million funding from JP Morgan Asset Management and Institutional Venture Partners (IVP) bringing the company’s total funding from investors to nearly USD300 million. The capital will be used to support the company’s rapid organic growth through key strategic technology and personnel enhancements within the organisation 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. WhaleShark will facilitate sales in excess of USD1.7 billion in 2011 and the business is growing nicely, as more consumers realize the benefits of using online coupons,” says Cotter Cunningham, CEO and founder of WhaleShark. “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. Jules is exactly the kind of person I want with us in the trenches. He appreciates the significance of our business model, his humour is contagious and his enthusiasm is what’s needed as we build the dominant marketplace in the world for online coupons and deals.”