Israeli ecommerce firm Yotpo has raised another $200 million. This will give the company a valuation of $1.3 billion, Calcalist reports.
Lust last August the Yotpo raised $75 million in a Series E financing round which then gave it a $1 billion valuation. The new funding will mark $376 million in total for the company in financing to date.
Founded in 2011 by Omri Cohen and Tomer Tagrin, Yotpo provides a platform with authentic rather than fake reviews of products by consumers. It also helps retail brands accelerate online revenue growth.
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Yotpo has seen 300% increase in customers in 2019 and a 250% increase in annual recurring revenue (ARR) since its $51 million raise in November 2017. The company expects to double its revenue within the next two years.
Yotpo has 500 employees in its offices in Tel Aviv, Yokneam, New York, London, and Sofia. During the early months of Covid-19, Yotpo saw a huge 170% year-on-year jump in new customers and record lows in customer churn.
The company promises to let users leverage its official partnerships with Google and Facebook to boost brand discovery and increase traffic from search and social and add seller ratings to Google Adwords campaigns to increase click-through rates and reduce acquisition costs.
It also offers to display customer content at key conversion points across a client’s web site and to create “beautiful, on-brand displays with customizable review widget options.” Yotpo says that it will encourage product discovery and decrease homepage bounce rate by “building trust at the beginning of your buyer journey.”
Yotpo cofounder and CEO Tomer Tagrin said last summer, “In the Covid era, every business is an eCommerce business. Our vision is to equip businesses of every size, across every industry, with the best possible technology to efficiently achieve maximum growth. To that end we are building a single, fully integrated platform that empowers businesses to create exceptional, customer-first commerce experiences.”