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Coupon site CouponCabin raises $54 million in funds

The company will use the influx of cash to build up its consumer base and forge more relationships with merchants.

Screenshot by CNET

CouponCabin is cashing on the consumer's need to save a few bucks whether shopping online or at the corner supermarket.

The online coupon company just raised $54 million in venture funding, according to a story in AllThingsD.

CouponCabin offers coupons that people can use directly online to buy products from such retailers as Dell, RadioShack, Best Buy, Target, Sears, and Kmart. It also provides coupons that can be printed and redeemed at local department stores, restaurants, and other nearby merchants.

To further boost business, the company plans to use the new venture capital to build up its growing consumer base and strike more deals with retailers, especially local businesses and grocery stores.

CouponCabin said it has provided consumers with more than 100,000 offers this year, according to AllThingsD, and has saved them more than $300 million since it opened for business in 2003. The site has also teamed up with more than 3,500 merchants across the U.S., supplying them with around $500 million in sales.

Other coupon sites have also been coming into money lately, recently raised $230 million, while rounded up $2.4 million. But CouponCabin sees its site as unique since it will give consumers a $25 gift card if the coupon offer is no longer valid.