PALO ALTO, CA — (Marketwired) — 07/22/13 — The financial markets received RetailMeNot-s IPO favorably on Friday, July 19 and shares of RetailMeNot surged 30% in the first hours of trading to more than $27 per share, representing a market cap of more than $1.3 billion.
RetailMeNot is the world-s largest digital coupon marketplace, enabling consumers across the globe seeking to save money to find hundreds of thousands of digital coupons from retailers. Norwest Venture Partners (NVP) is a significant investor in RetailMeNot with a 20.5% stake in the company.
“RetailMeNot has pioneered this space, making online coupons as ubiquitous as online shopping itself,” said Jeff Crowe, managing partner at Norwest Venture Partners. “What drew us to become a major investor in RetailMeNot was the company-s early vision to make online coupons a staple for consumers and merchants alike.”
RetailMeNot generated $144.7 million in 2012 revenue, which is up approximately 180% from 2011. In the first quarter of 2013, the company posted revenue of $40.6 million.
Norwest Venture Partners (NVP) is a multi-stage investment firm that has partnered with entrepreneurs to build great businesses for more than 50 years. The firm manages over $3.7 billion in capital and has funded more than 500 companies since inception. Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early- to late-stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare. For more information visit: .
RetailMeNot, Inc. operates the world-s largest digital coupon marketplace. The company-s websites enable consumers across the globe seeking to save money to find hundreds of thousands of digital coupons from retailers. RetailMeNot, Inc. experienced more than 450 million visits to its sites in 2012.