Yodle, generates leads and funding
ADOTAS — Lead generation, despite a meager growth, is still getting attention and funding.
Yodle, Inc., which focuses on local online advertising and lead generation, announced today that it has completed a $10 million Series C funding. The round was led by JAFCO Ventures, joined by Draper Fisher Jurvetson Growth and existing investors Draper Fisher Jurvetson and Bessemer Venture Partners. The funds will be used to double investment in product and technology innovation as well as to continue a national sales expansion.
The New York-based company reported 700% year-over-year revenue growth from 2007, ended 2008 with 250 employees nationally – up from 9 in 2006, – Yodle now boasts approximately 5,000 customers – up from 125 in 2006.
“It’s been a watershed year for Yodle, and, thanks to our incredible team working hard to deliver for our customers, we expect that growth to continue in 2009,” said Yodle CEO Court Cunningham. “While our competitors retrench in the face of financial adversity, we are stepping up investment in our customers’ success. This new funding round will accelerate product and technology development to provide increased online exposure and even stronger results for our local business owner clients.”
Techcrunch noted that the company has been accused of “aggressive sales techniques” that prompted threatened lawsuits, something the company said were isolated events that were quickly rectified.
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