Among the hot and hyped Web 2.0 scene, not many would pick out 13-year-old digital promotions site, Coupons.com.

But, on the heels of a recent $200 million funding — which valued the quiet Mountain View, Calif., company at $1 billion — and a surging online discounting market, it has nabbed another $30 million from Greylock Partners.

Greylock has already invested half that amount, via a secondary market transaction, and is Coupons.com’s first venture investor. Its previous funders have been institutional investors.

“Coupons.com have been quietly building all the key infrastructure in this area,” said Greylock’s Reid Hoffman. “We think they are poised for the massive shift that is coming.”

The new funds, said its CEO and co-founder Steven Boal, will be used for a variety of things, including an aggressive mobile and social push for the longtime site.

“We are now focusing on hypergrowth,” said Boal, who noted that coupon clipping is perhaps the original social media. “Saving is kind of hip these days, even if we have been around for a long time with this exact focus.”

Coupons.com had already moved in the mobile/social direction with the 2009 acquisition of Grocery iQ, a mobile app that lets users manage shopping lists and discounts on phones.

There will be more to come, said Boal, who said the growth of the category is inevitable as consumers use these devices to manage their spending habits.

Coupons.com will also use the funds to expand its staff from 288 employees now to more than 450 by the end of the year, operating in about 13 countries. While Coupons.com has been profitable on a cash-flow basis, all the new initiatives will be costly.

And, while that kind of expansion could remind you of the explosive daily deals sector — and it is easy to put Coupons.com in the same highly competitive arena as Groupon — the company operates more as a platform and a white-label provider of discounting services to manufacturers and retailers, especially supermarkets and chain stores.

In fact, Coupons.com provides a lot of such services for them, garnering $100 million in revenue this year, up from $60 million last year and $40 million the year before. Much of that money is made when a customer uses its site or sites it powers and downloads a coupon for redemption.

One area of promising growth, said Boal, is managing discounts on Facebook’s social networking site, which is increasingly being used by consumer goods companies to test promotions and increase loyalty.

“It’s a really interesting area as product companies can be really nimble in managing their promotions,” he said. “And the ability to really drill down on the response of a certain sector of consumer is very powerful.”

It goes without saying that newspapers that previously dominated this industry have been on the wane.

The massive funding also sets up Coupons.com for a possible 2012 IPO, especially given its dominance — it serves nine out of 10 big grocery chains, four out of four pharmacy giants and such — in the digital couponing sector.

Presumably, there would be no discounts for that stock.

Here’s the official press release:

COUPONS.COM ANNOUNCES GREYLOCK PARTNERS INVESTMENT

Company’s Rapid Growth Including Mobile and Social Couponing Solutions to Benefit from Greylock’s Expertise

Mountain View, Calif. — October 3, 2011 — Coupons.com Incorporated, the recognized leader in digital coupons, including online printable, social, mobile and loyalty card promotions, today announced an investment by Greylock Partners. Coupons.com, which recently raised $200 million from institutional investors, is transforming the multi-billion dollar coupon industry and accelerating the shift from the newspaper to digital. The investment, a secondary market transaction, will enable the company to tap into Greylock’s expertise as it continues to produce market-transforming couponing solutions, including its mobile- and social-based products and services.

“We are very excited to work with Reid Hoffman and James Slavet and the entire Greylock team,” said Steven Boal, CEO of Coupons.com. “Greylock’s expertise and relationships will prove invaluable as we continue connecting brands with consumers via money-saving offers at every touch-point across the digital landscape — including web, social and mobile — and along the consumer’s entire path to purchase.”

“We’re very pleased with our investment in Coupons.com and are excited about working with the team as they continue to build a substantial, market-defining company,” said Reid Hoffman, Partner at Greylock Partners. “Coupons.com is almost single handedly transforming the multi-billion dollar coupon industry by ushering the newspaper-dominated business to digital. The market opportunity the company faces is immense, and we look forward to contributing in any way to their continued success, particularly in the context of social and mobile solutions.”

Coupons.com powers the vast majority of coupons printed online via a network of tens of thousands of sites in addition to their flagship site, Coupons.com, which is the 39th most trafficked site in the country. Coupons.com Incorporated is also the go-to resource for manufacturers wanting to coupon-enable their digital marketing initiatives, and virtually every major consumer packaged goods manufacturer resides on the company’s client roster. The company is aggressively building its team, expanding its full time staff from 288 employees in June to more than 450 expected by the end of the year, a growth of over 50 percent during the six-month period.

In addition to capturing a growing share of the multi-billion dollar newspaper-dominated coupon industry, Coupons.com is also expanding the couponing market by lowering the barriers to entry for companies to offer coupons, enabling smaller manufacturers — which could not place offers in the newspaper insert because of budget requirements or category exclusivity restrictions — to utilize coupons to engage with consumers. In addition, Coupons.com attracts a new demographic of coupon users, who engage with new couponing methods like digital, social and mobile coupons, but typically would not engage with traditional paper coupons.

The round was co-led by existing investor Kleiner Perkins and new investor Greylock Partners. Also participating is First Round Capital and LinkedIn co-founder Reid Hoffman, as well as new investors TriplePoint Capital and Marissa Mayer.

If you haven’t heard of it, San Francisco-based One Kings Lane is an online retailer that sells designer home items, ranging from large oriental rugs to sophisticated and modern side tables, at deep discounts. The offer, which is sent to your inbox on a daily basis, is limited and can sell out in five minutes or five hours.

Typically, the merchandise comes from unsold inventory at luxury or high-end interior designers, which is why it can be sold for so much lower than retail.

The concept is part of a burgeoning new industry that is being called “private sales” or “flash sales.” Companies in the space include Gilt Groupe and Rue La La, which are mainly focused on fashion and clothing.

One Kings Lane has another differentiator: It is not building big warehouses to store all the items it wants to sell, nor is it committing to purchasing any of the inventory in advance. Therefore, the costs are lower because One Kings Lane doesn’t get stuck with any excess inventory.

On the other hand, it doesn’t have complete control over the shipping process, meaning shipments can sometimes take one to two weeks to reach customers.

CEO Doug Mack said he doesn’t expect the model to change with this funding.

The site was founded in late 2008 by Susan Feldman and Alison Pincus (who is married to Mark Pincus, founder and CEO of Zynga, the social games company that has also raised funding from Kleiner Perkins–albeit on a much larger scale). One Kings Lane launched in the spring of 2009.

Last year was a pivotal time for the company.

Mack, who was hired in June, quickly ramped up the management team, hiring other executives from Hotwire, eBay, Walmart.com and Zappos.

It grew revenues five times over 2009 and boosted its membership base to around one million. It launched an iPhone app in November that generated two to three percent of its sales on the first day. Since then, the app has sustained those revenue levels.

Mack says the home furnishings are top of the line, and are compelling because they’re nothing you’d ever see at Ikea, or even in a department store like Macy’s.

While quality is hard to convey over the Web, he says the company has slowly gained customers’ trust over time. Often, customers will start by purchasing something small, like a candle. From there they might work their way up to a cashmere blanket, and eventually take the plunge into something as large as an armchair or area rug.

One of the more telling statistics that supports this is that 70 to 80 percent of sales are from repeat buyers.

This round of funding follows its Series A, which it raised back in December 2009. That was led by Kleiner Perkins, with Hoffman also participating. Hoffman introduced One Kings Lane to Greylock, where he is also a partner.

Mack says the capital will be used for three things: Accelerating the growth of its membership base, expanding the catalog of merchandise and scaling customer service as its membership grows.

To attract more members beyond the viral growth the company has already experienced, Mack says it will begin its first meaningful Web campaign, addressing its target of middle- to upper-class women, ages 35 to 55, in metro areas.

“In the grand scheme of things, we are only scraping the surface. Anyone with a home or apartment could use one of the things we sell,” Mack said.

In relation to the funding, James Slavet of Greylock will be a board observer, joining Aileen Lee of Kleiner Perkins, who has a board seat,  and Bing Gordon of Kleiner Perkins, who is also an observer.

And, as usual, I was video-harassing Greylock Partner’s David Sze and James Slavet about the acquisition of Yahoo (YHOO) Network division head Jeff Weiner into the firm as an executive in residence.

I prodded: “This is the pair that sucked Weiner away from Yahoo. Not that it was hard.”

Sze then joked: “Hah! It was enjoyable! I may do it again!”

He may, apparently, because the man eating his dinner to Sze’s immediate right and quietly snickering at my video attack of the VCs is none other than Qi Lu (see the screen grab of the video below), the beloved rock star Yahoo tech leader.

Big irony: News of Lu’s departure from Yahoo was broken in this column last night.

Yes, I am an ace reporter, given I don’t even recognize my prey!

So why was Lu there at the Greylock table, especially since he is not an HBS alum?

Perhaps Sze was actually telling the truth and is interested in bringing Lu–who is incredibly well regarded at Yahoo and is said to be a prince of a guy–into Greylock as an executive in residence like Weiner.

Or maybe, just maybe, as the new CTO of Facebook, a job that is open now that Adam D’Angelo–longtime friend of Facebook CEO and Founder Mark Zuckerberg–vacated it recently.

Greylock is one of Facebook’s big investors and Sze is an observer to its board.

As Silicon Valley turns!

Here’s the whole video of the dinner again (Lu’s appearance is about four minutes in):

Oh the sweet irony of Facebook Founder and CEO Mark Zuckerberg getting awarded a big round glass object, suitable for mantel-showing-off, from Harvard types.

Especially since he is now the school’s second most famous tech mogul dropout–after Microsoft’s Bill Gates.

But that was the case last night at the San Francisco Airport Hyatt Regency, where the 24-year-old Zuckerberg collected the 30th Entrepreneurial Company of the Year Award from the Harvard Business School Association of Northern California.

As is required at dinners like this, Zuckerberg had to sing for his supper in a post-meal interview about the hot social-networking site’s past and future.

At first, he did clarify that he was technically “on leave” from Harvard, as Gates also is, which the crowd loved.

(But, memo to Harvard Yard: Neither Gates nor Zuckerberg is coming back, so don’t leave the lights on.)

Zuckerberg (pictured here with me) also used the term “share information” in the interview, perhaps even more than he did onstage when I interviewed him at the D: All Things Digital conference last month.

And so much so that it could be the basis for a raucous drinking game where you take a shot every time he says “share information,” which would make you dangerously inebriated within 56 seconds.

Zuckerberg also strongly reiterated his statement that Facebook was not for sale, which is especially important now that it looks like a tastier treat to Microsoft (MSFT), in the wake of its failed takeover of Yahoo (YHOO).

But Zuckerberg specifically nixed a sale to Microsoft, which invested $240 million in Facebook and gave it its infamous $15 billion valuation.

He was joined onstage by Facebook COO Sheryl Sandberg–who is an academically scary double whammy, holding a master’s degree in business administration with highest distinction from the Harvard Business School and a bachelor’s degree summa cum laude in economics from Harvard University.

Plus Sandberg has a really effective hairy eyeball that she used to stop me from stalking her or Zuckerberg with my Flip camera.

Still, BoomTown managed to get some video of those attending the event, which was heavy with tech types.

My various quarry dispensed business advice, all while I mocked Harvard (lovingly, so don’t gripe that I am envious–am not).

So, here’s my video of last night’s event, which includes: Piczo CEO Jeremy Verba (HBS); Facebook’s Ben Ling (not Harvard) and Elliot Schrage (Harvard undergrad, masters, law!); Greylock Partners’ James Slavet (HBS) and David Sze (horrors–Yale!); Accel Partners’ Jim Breyer (HBS); and the glass award itself (totally HBS!).

And, once again, here’s Zuckerberg and Sandberg in action, somehow withstanding my withering questions at D6:

Part One

Part Two