Yodle Raises $10 Million Series C From JAFCO, DFJ, and Bessemer Venture Partners
Yodle is a startup that provides local online advertising across search engines and other web real estate. Yodle is based in New York and has raised $10 million Series C from JAFCO Ventures, the DFJ Growth fund, Draper Fisher Jurvetson, and Bessemer Venture Partners.
Yodle started in 2005 and reports that they have increased 700% in annual revenue compared to 2007. The run rate for their fourth quarter in 2008 was about $30 million. Yodle has about 9 people in staff in 2006 and now they have 250 people. The company has over 5,000 customers. They had 125 in 2006. The company expects to make a profit in about six months.
Yodle helps small businesses advertise their products on search engines and Yodle will track and optimize the ads. This includes the clickthrough rates, phone calls, and click per action rates. Yodle has their customers grouped into different sectors such as Beauty & Personal Care, Business & Professional, Health & Medical, Home & Garden, and Travel & Lifestyle.
Yodle was founded by Nathaniel Stevens. He currently serves as the VP of Media Operations. Stevens started the company while he was attending Wharton School at University of Pennsylvania. Stevens was accepted into the Venture Initiation Program, UPenn’s incubation initiative. Yodle’s first round of funding was $3 million by Bessemer Venture Partners. Yodle’s second round of funding was $12 million and provided by Bessemer Venture Partners and DFJ. This gives Yodle a total of $15 million.
[via TechCrunch]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry