Israeli sales promotion co Yotpo raises $22m

Tomer Tagrin and Omri Cohen Photo Eyal Izhar

The Tel Aviv based company is hiring 250 more employees and opening offices worldwide.

Israeli user-generated content marketing platform Yotpo has closed a $22 million round of financing led by Bessemer Venture Partners. Yotpo also saw significant participation from existing investors, Innovation Endeavors, Marker LLC, Vintage Investment Partners, Blumberg Capital and Access Industries and other angels. The Tel Aviv based company, which also has offices in new York City, has raised $50 million to date including this latest fund raising and a $15 million financing round last year.

Over the last year, Yotpo says it has seen a triple-digit YoY increase across all major SaaS metrics including revenue, volume of content collected and number of customers. The company is also currently experiencing increased interest from enterprise businesses. As these businesses struggle to compete in an increasingly noisy landscape and on a growing number of consumer platforms, user-generated content has become a necessity for enterprise marketing teams.

CEO Tomer Tagrin and CTO Omri Cohen founded Yotpo in 2011 as a convenient and accessible platform for reviews by surfers that succeeded in promoting genuine reviews and preventing forged ones. The company uses these reviews to enable customers and businesses to promote their products and increase sales on the basis of existing reviews. Yotpo is an acronym for Your Opinion The Public Opinion.

Tagrin said, With this funding, well be able to build out our platform to include more features, more integrations and more forms of user-generated content. In the upcoming months, well begin our global expansion with multiple offices outside the US and Israel, and well add 250 people to the Yotpo family. This funding also gives us the option to explore strategic acquisitions.

Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2016

Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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Tomer Tagrin and Omri Cohen Photo Eyal Izhar
Tomer Tagrin and Omri Cohen Photo Eyal Izhar
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