Street Fight Daily: 10.20.11
A roundup of today’s big stories in hyperlocal media, technology, advertising and startups.
Groupon is seeking to sell shares in an offering that would value the company at close to $12 billion. The valuation is a steep comedown from earlier expectations that an I.P.O. of the Internet darling could value the company as much as $25 billion to $30 billion. (New York Times/Dealbook)
Ownlocal has announcing a new round of investment from a string of investors including the Knight Enterprise Fund, Automattic, the makers of WordPress, and a number of prominent angels. The company creates web services for small businesses through partnerships with local media outlets and other organizations. (GigaOm)
Chevrolet is giving away one car in 27 different cities via a SCVNGR-based campaign dubbed the “Chevy Sonic Adventure.” In a contest running through Nov. 20, participants will follow clues from their SCVNGR app or cell phones via text message to complete a series of location-based challenges. The more challenges they meet around their city, the better chance the consumers have to win a free car. (Clickz)
“When we think about acquisitions, the first potential area we would focus on is talent acquisitions,” says Foursquare general manager Evan Cohen. He suggests the company is most likely to buy small startups that have brilliant people but which haven’t gained traction. (The Deal)
New York City-based group buying site BuyWithMe laid off a large portion of its staff yesterday. The company, which has raised $21.5 million so far from Bain Capital Ventures and Matrix Partners, had been on a acquisition spree, buying up six companies in the last six months.(BetaBeat)
Investors are seeing a smart shopping opportunity in the age-old practice of saving and redeeming coupons. CouponCabin.com is the latest online coupon company to raise capital. The company has raised $54 million in its first round of funding. (AllThingsD)