Israeli e-commerce marketing platform Yotpo announced today that it has completed a $230 million Series F financing round at a company valuation of $1.4 billion. The round was led by Bessemer Venture Partners and Tiger Global with participation from existing investors Claltech Investment, Coin Ventures, Hanaco, Vertex Ventures, Vintage Investment Partners, among others. This brings to $406 million the amount raised by the company.
Yotpo will use this latest investment to deliver the foundation for its all-in-one eCommerce marketing platform, designed to give brands an ability to stand out and retain customers in the competitive e-commerce world.
The company, which was founded by CEO Tomer Tagrin and COO Omri Cohen, raised $75 million only last August at a company valuation of $1 billion. Yotpo has over 500 employees in its offices in New York, London, Tel Aviv, Yokneam and Sofia. The company plans hiring another 240 staff including 120 in Israel.
Tagrin said, "We have always believed that eCommerce would become the dominant form of shopping, but 2020 was an incredible acceleration. The eCommerce arena is the most important place to be. Everyone is selling everything online now, from entrepreneurs setting up shop in their basement to some of the largest brands in the world. But this also means it’s only going to get more difficult, expensive, and inefficient to market to customers.
He added, "On top of having to come up with creative ways to stand out in a competitive and noisy space, eCommerce teams are bogged down by managing so many marketing point solutions. Those solutions, with siloed customer data, force marketers to work harder and definitely not smarter. As a result, experiences are lagging behind and their customers are walking away."
Published by Globes, Israel business news - en.globes.co.il - on March 18, 2021
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