Israeli SaaS-based eCommerce marketing platform Yotpo today announced the completion of a $75 million Series E financing round led by Adam Fisher and with participation from existing investors Bessemer Venture Partners, Access Industries, and Vertex Ventures, and Hanaco as a new investor. This brings to $176 million the amount raised by the company to date.
Cofounder and COO Omri Cohen told "Globes" that the financing round was closed at a valuation of "nearly $1 billion." "Our way forward is to expand by acquiring companies not to be acquired by one of the giants."
The Israeli marketing platform helps retail brands accelerate online revenue growth. Yotpo has seen 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.
Yotpo has 500 employees in its offices in Tel Aviv, Yokneam, New York, London and Sofia.
During the early months of Covid-19, Yotpo saw a huge 170% year-on-year jump in new customers and record lows in customer churn.
The latest round will be used to advance Yotpo's mission to create an industry-defining eCommerce marketing platform, with an integrated product set of Reviews, Visual User Generated Content (UGC), Loyalty, Referrals, and SMS Marketing, that helps brands of all sizes accelerate growth and drive customer lifetime value in an increasingly competitive arena.
Yotpo cofounder and CEO Tomer Tagrin said, "In the Covid era, every business is an eCommerce business. Our vision is to equip businesses of every size, across every industry, with the best possible technology to efficiently achieve maximum growth. To that end we are building a single, fully integrated platform that empowers businesses to create exceptional, customer-first commerce experiences."
Published by Globes, Israel business news - en.globes.co.il - on August 4, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020