Tel Aviv and New York-based startup Yotpo, announced today the completion of a $22 million in Series C funding, bringing Yotpo total funding to $50 million.
Leading the round is Bessemer Venture Partners along with participation from existing investors, including Innovation Endeavors, Marker LLC, Vintage Investment Partners, Blumberg Capital and Access Industries, alongside other angels.
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Yotpo is a user-generated content marketing platform which lets companies solicit content from their users and customers in the form of reviews, Q&As, and photos and videos, for use across various marketing channels.
The company also announced the hiring of a new Vice President, Jeff DiBartolo, formerly of Salesforce Marketing Cloud, and the addition of a new board member, Bessemer partner Adam Fisher.
The company plans to use the funding to meet the growing demand from enterprise businesses for an integrated user-generated content platform.
Over the last year, Yotpo has seen a triple-digit YoY increase across all major SaaS metrics including revenue, volume of content collected and number of customers.
Currently, the company is 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.
“With this funding, we’ll be able to build out our platform to include more features, more integrations and more forms of user-generated content, ” said Yotpo CEO, Tomer Tagrin. “In the upcoming months, we’ll begin our global expansion with multiple offices outside the US and Israel, and we’ll add 250 people to the Yotpo family. This funding also gives us the option to explore strategic acquisitions.”
