Social review company Yotpo Ltd. has raised $1.5 million from Daniel Recanati'sRhodium Ltd., Gandyr Group, which led the round, and previous investors Explore and 2bAngels. Yotpo will use the proceeds to expand its customers among ecommerce websites, and continue development of its product.
Yotpo CEO Tomer Tagrin and CTO Omri Cohen founded the company in January 2011, and it has 12 employees at its Tel Aviv office. Yotpo provides social reviews for ecommerce websites. Shoppers can read and write social reviews, get automatic reminders to write reviews, and have an automatic review loyalty program. It also includes reports and analytics, giving online merchants actionable insight to improve their merchandising strategy.
Yotpo says that it has over 2,000 ecommerce customers, and that 120 new ecommerce sites join it every week. It claims that this empowers reviewers, influencing buying decisions, turning them into decision leaders and making ecommerce sites into more valid and credible consumer sites.
“With our plug and play integration with Magento, Bcommerce, Shopify, Volusion and 3dCart, we are on the path of becoming the de facto social review solution for every SMB e-commerce site. We are taking the lead for making it possible for every website owner to generate social reviews” said Tagrin.
He added “Like Gartner pointed out recently, fake reviews are becoming a huge problem for both retailers and consumers. Yotpo is going to solve exactly that. In a few years, consumers will read real reviews, from real people they know and trust. There is a huge gap between today's reviews and how reviews are going to look like in the next few years. Yotpo will be ushering in that change over the course of 2013."
Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2012
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