Yotpo generates $51m series D
Posted on 10 November, 2017 by Thierry Heles, editor
Access Industries, through its Israeli subsidiary ClalTech, returned to back a series D round that also featured Vertex Ventures as a first-time investor.
Israel-based marketing platform Yotpo raised $51m in a series D round on Wednesday from investors including Vertex Ventures, the VC arm of Singapore state-owned investment firm Temasek.
The round was led by ClalTech, the local investment subsidiary of conglomerate Access Industries, and also featured Bessemer Venture Partners, Marker, Vintage Partners, Blumberg Capital, Rhodium and 2B Angels.
Founded in 2011, Yotpo operates a platform for businesses to source, curate and manage customer-generated content, such as reviews and photos, and use it in their marketing campaigns.
The company will invest the cash into further product development, with a focus on artificial intelligence (AI) and machine learning technologies, as well as into its ongoing global expansion with the opening of a second office in the US and the recruitment of 150 staff.
Daniel Shinar, head of Israeli tech investments at Access Industries and CEO of ClalTech, will join the board of directors.
Yotpo has now secured $101m in funding to date, most recently closing a $22m series C round in June 2016 led by Bessemer Venture Partners, with a reported participation from Access Industries, Innovation Endeavors, Marker, Vintage Investment Partners and Blumberg Capital.
Tomer Tagrin, chief executive of Yotpo, said: “For us, AI is not a buzzword but a core technology already powering our solution today. But we are also seeing a real opportunity to incorporate deep learning to solve the most pressing challenges of commerce businesses.
“We are just touching the surface of the potential here, and we will have exciting news coming soon.”
See more from this Government Report: Singapore
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