Starbucks CEO Schultz Joins Groupon's Board

NEW YORK ( TheStreet) -- Starbucks ( SBUX) CEO Howard Schultz joined the board of directors of Groupon.

The Groupon blog wrote Thursday that the addition of Schultz was "invaluable" to the Internet company.

"His experience in building the culture and business of Starbucks and his relentless focus on innovation to improve customer experiences brings a unique combination of skills to our Board of Directors," the daily deals site said.

Following Groupon's most recent round of financing, which raised around $950 million, former board members John Walter, Harry Weller, and Jason Fried stepped down but "will remain close to the company."

Fried will stay on as a member of Groupon's advisory board "to help us simplify and refine our features," Groupon said.

Groupon's latest round of financing values the company at more than $4.75 billion.

Last month, Groupon turned down a reported $6 billion acquisition offer from Google ( GOOG).

The company, based in Chicago, will use the funding round to expand globally, invest in technology and provide liquidity for founders and early investors.

Investors include Andreessen Horowitz, Battery Ventures, Greylock Partners, Kleiner Perkins Caufield & Byers, Mail.ru Group, Maverick Capital, Silver Lake and Technology Crossover Ventures.

Launched in late 2008, Groupon offers discounts to its 50 million subscribers for local restaurants, spas and other consumer services. The company operates in more than 500 markets in 35 countries around the world.

-- Written by Miriam Marcus Reimer in New York.

>To contact the writer of this article, click here: Miriam Reimer.

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