CatchOfTheDay, an Australian online retailing group, operates e-commerce site CatchOfTheDay.com.au and daily deal site Scoopon.com.au. The social shopping platform raised an undisclosed amount of funding. Estimates are around $80 million, valuing the company at $200 million.
You may recall Scoopon as the reason for Groupon to sue CatchOfTheDay because Scoupon used Groupon.com.au domain name. The company even squatted by registering the company under the name Groupon Pty Limited, and then made an effort to register the Groupon trademark in Australia.
The case will have its day in court as a 5-day hearing beginning on August 1, 2011. Groupon is even taking Scoopon’s founders to court in Illinois for federal trademark infringement, unfair competition and deceptive trade practices. Ouch!
With that said CatchOfTheDay reports that the financing round marks the largest growth capital investment in the Australian e-commerce section ever. The round was secured from New York-based Tiger Global and a group of Australian businessmen. The group includes billionaire James Packer’s Consolidated Press Holdings, Andrew Bassat, co-founder and CEO of Seek and Glenn Poswell, founder of Gannet Capital.
TheCatchOfTheDay reports bringing in roughly $4 million a week and employs about 100 people. Its related sites hold a membership base of more than 950,000 active and engaged shoppers. Each day the social shopping site receives more than 150,000 visitors with a product sold from its sites every four seconds.
What will the company do with the new funding? The company says they will expand geographically, introduce ‘specialized offerings’ and develop and introduce mobile applications. I wonder if they will handle their lawsuit, too.