Reports 700% year-over-year revenue growth,
Reaches 5,000 customer milestone
New York, NY (January 12, 2009) – Yodle, Inc., a leader in local online advertising and lead generation, announced today that it has completed a $10 million Series C funding. The round was led by JAFCO Ventures, joined by Draper Fisher Jurvetson Growth and existing investors Draper Fisher Jurvetson and Bessemer Venture Partners. The funds will be used to double investment in product and technology innovation as well as to continue a national sales expansion.
Demand for local online advertising fueled tremendous growth at Yodle in 2008, despite the economic downturn. The New York-based company reported 700% year-over-year revenue growth from 2007, ended 2008 with 250 employees nationally – up from 9 in 2006, – Yodle now boasts approximately 5,000 customers – up from 125 in 2006.
"It's been a watershed year for Yodle, and, thanks to our incredible team working hard to deliver for our customers, we expect that growth to continue in 2009," said Yodle CEO Court Cunningham. "While our competitors retrench in the face of financial adversity, we are stepping up investment in our customers' success. This new funding round will accelerate product and technology development to provide increased online exposure and even stronger results for our local business owner clients."
"In this difficult economic environment only the strongest and most promising companies are getting funding. Yodle's dramatic growth, seasoned management team and focus on customer success make it truly unique in the local online advertising market. We look forward to supporting the company's continued growth and market leadership," said Tom Mawhinney, General Partner at JAFCO Ventures.
Yodle provides local businesses with a simple and affordable way to get new customers and phone calls using online advertising. Yodle is transforming local online advertising by connecting local business owners with consumers in a simple, measurable and relevant way. Yodle has developed an integrated approach to signing up and serving local businesses that are transitioning their marketing budgets online. Yodle is headquartered in New York, NY with a presence in 25 major cities across the United States and has hundreds of employees helping thousands of customers. To find out more about Yodle, go to http://www.yodle.com.
About JAFCO Ventures
Based in Palo Alto, California, JAFCO Ventures is a venture capital partnership focused on companies that are emerging leaders in the communications, Internet, semiconductor and software industries. JAFCO Ventures was formed in 2003 and currently manages more than $350 million in capital. The fund’s charter is to invest in venture opportunities with true breakout potential where JAFCO Ventures can meaningfully add value with capital, the experience of seasoned venture capital investors, and the deployment of our Asia business development team, to help portfolio companies generate revenue from customers in Japan and other parts of Asia. For more information, visit http://www.jafco.com/.
About Draper Fisher Jurvetson Growth
Draper Fisher Jurvetson Growth Fund invests in revenue stage technology companies that are expanding rapidly in large markets and are well positioned to be category leaders. Draper Fisher Jurvetson is a leading venture capital firm with global presence through the DFJ Global Network of funds. DFJ’s mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. The DFJ Network has grown to encompass over 150 venture capital professionals in more than 30 cities around the world, more than 600 portfolio companies funded, and over $6 billion of capital under management. Together, the DFJ Network funds have been the most active venture capital investors in the world in 2006 and 2007. The DFJ Network has produced such notable, industry changing companies as Athenahealth (ATHN), Baidu (BIDU), Skype (acquired by eBay), Focus Media (FMCN), DivX (DIVX), Mobile 365 (acquired by Sybase), Massive (acquired by Microsoft), EnerNOC (ENOC), Feedburner (acquired by Google™), Four11 (acquired by Yahoo), xFire (acquired by Viacom/MTV Networks), Mozy (acquired by EMC), Myfamily.com (acquired by Spectrum Equity Investors), Overture (acquired by Yahoo), Parametric (PMTC), TicketsNow (acquired by TicketMaster), and buy.at (acquired by AOL). http://www.dfjgrowth.com and http://www.dfj.com
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is a leading venture capital firm with a global presence through a network of affiliated funds, with offices in more than 30 cities around the world and approximately $6 billion in capital commitments. DFJ's mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back over 500 companies across many sectors including such industry changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), EnerNOC (ENOC), athenahealth (ATHN), Focus Media (FMCN), Mobile 365 (acquired by Sybase), xFire (acquired by Viacom), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), Four11 (acquired by YHOO), Massive (acquired by MSFT), Parametric (PMTC) and Mozy (acquired by EMC).
About Bessemer Venture Partners
As the oldest venture capital practice in the U.S., Bessemer has carried on a tradition of hands-on, early-stage investing since 1911. With offices in New York, California, Massachusetts, and Mumbai, Bessemer Venture Partners (http://www.bvp.com) now manages more than a billion dollars of venture funds. Over 100 Bessemer startups have gone public, including Ciena, Gartner, Ingersoll Rand, International Paper, Maxim, Parametric, Staples, WR Grace, Verisign, and Veritas. Wikia is one of many Web2.0 companies whose first venture rounds were led by Bessemer; others include Skype, Yelp, Zopa, Revver and Flock.
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