Groupon employees might want to look for the quality of coffee at their workplace to improve in the near future. This afternoon, Groupon announced that Howard Schultz, the CEO of Starbucks, has joined its board of directors. Groupon got an unspecified amount of money from a VC firm, too.
Let’s cover the funding news first, since there’s not much to say. Groupon only explained in a statement, "Maveron LLC, a venture capital firm co-founded by Mr. Schultz, has invested in the company."
Also, if you’re curious, the Maveron site shows that previous investments include more than a few successful entities, like Cranium, eBay, The Motley Fool, and Shutterfly.
As for Schultz, he’ll be the seventh member of Groupon’s board, joining Peter Barris, Kevin Efrusy, Brad Keywell, Eric Lefkofsky, Ted Leonsis, and Andrew Mason. Groupon appears very happy to have him, as well. The company stressed that Schultz was able to make Starbucks much more popular (and profitable).
Mason, the founder and CEO of Groupon, also said, "As CEO of one of the world’s most iconic brands, Howard is an invaluable addition to the Groupon board. 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."
There wasn’t any mention of Google or Super Bowl commercials, by the way.