Israeli unicorn Yotpo, the provider of an eCommerce marketing platform, has sealed a multi-year platform partnership with Shopify, a global commerce platform with more than 1.7 million merchants worldwide. The companies say that the new Yotpo and Shopify platform partnership will help accelerate Yotpo’s growth and product development.
The value of the deal was not revealed. But Globes has cited sources as saying that it is for $30 million. Yotopo will now be one of the first services to offer new Shopify development features.
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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.
Yotpo has seen a 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.
A month ago, Yotopo revealed its plans for a $2.5 billion NASDAQ IPO. The company expects to bring in $400-500 million from the IPO which is set to take place in early 2022.
Ready to learn more about our new @Shopify platform partnership? Tune in to @cheddar at 1:10 EST to watch our CEO and Co-Founder, @ttagrin, talk all about it. https://t.co/x8OiLIcnlD pic.twitter.com/LP0Q47ev4Y
— Yotpo (@Yotpo) September 9, 2021
Tomer Tagrin, CEO at Yotpo, said, “This new platform partnership is a significant milestone in our company journey, in our longstanding relationship with Shopify, and in service to our customers. With the last year’s addition of SMS marketing to the Yotpo platform, we now have five cutting-edge products available to Shopify merchants. We look forward to working even more closely with Shopify to provide smarter, more connected experiences that create real value for our mutual customers.
“Our two companies share a common belief that, for the future of commerce to thrive, merchants must be able to own direct relationships with their customers. This platform partnership directly responds to the enormous amount of time and energy merchants currently are required to spend competing for customer attention. Through deeper integration between our two technologies, Yotpo and Shopify are working together to innovate on the marketing tech stack and dramatically recode the infrastructure of eCommerce.”