• TechCrunch, Wednesday, December 2, 2009 2:34 PM

Chicago-based Groupon, which offers local deal online, has raised a Series B financing of $30 million from new investor Accel Partners, along with existing investor New Enterprise Associates. The company offers deep discounts on local deals on everything from spas and sky diving lessons to hotels and restaurants.

Discounts range from 40%-90% of the normal price. If enough people buy into the offer, everyone gets the deal. If there aren't enough people, no one gets the deal. Groupon collects payment and passes it on, minus their fee, to the business. What makes the service so compelling, according to TechCrunch, is that people have an incentive to get their friends involved to make sure the minimum is hit.

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