Content marketing platform Yotpo has closed $22 million in funding. Bessemer Venture Partners led the round. Also, Yotpo has appointed Adam Fisher, a partner at Bessemer, to its board.
Yotpo, the leading user-generated content marketing platform, announced today the completion of a $22 million round of financing led by Bessemer Venture Partners, bringing total funding to $50 million. 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.”
Yotpo also saw significant participation from existing investors, Innovation Endeavors, Marker LLC, Vintage Investment Partners, Blumberg Capital and Access Industries alongside other angels.
“Yotpo is answering the need many enterprise businesses have to collect and amplify content from their customers as a means of increasing traffic, trust and sales,” Fisher said. “We’re excited to join Yotpo’s team as they expand globally and across the enterprise market.”