The user-generated content marketing arena has more investors.
Yotpo, a user-generated content marketing platform, today announced a $22 million round of financing led by Bessemer Venture Partners. This brings total funding to $50 million for the company, which has offices in Tel Aviv and New York City.
The news comes one month after Adobe acquired Livefyre, a user-generated content curator that will integrate into the Adobe Marketing Cloud.
Yotpo 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.
“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.
Growth in User Content
Over the past year, Yotpo officials reported triple-digit year-over-year increases across all major Software-as-a-Service (SaaS) metrics including revenue, volume of content collected and number of customers.
Officials said leveraging user-generated content is a necessity for businesses struggling to compete in an "increasingly noisy landscape on a growing number of consumer platforms."
“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,” Yotpo CEO Tomer Tagrin said in a statement. “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.”
In this round, Yotpo also saw significant participation from existing investors, Innovation Endeavors, Marker LLC, Vintage Investment Partners, Blumberg Capital and Access Industries, alongside other angels.