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Series D round of funding follows year of 135% revenue increaseYodle, provider of local online advertising and marketing for businesses, has raised $10 million in Series D funding from existing investors. Led by JAFCO Ventures, the round also included Bessemer Venture Partners, Draper Fisher Jurvetson, and Draper Fisher Jurvetson Growth.
Last time Yodle raised capital was a year ago, when the company pulled in a $10 million Series C in January 2009. The company has raised a total of $38 million since its founding in 2005.
The new funding announcement arrives just a month after the end of a highly successful year for the company. Yodle experienced a 135% year over year revenue increase in 2009, leading local advertising research and consulting firm Borrell Associates to consider Yodle the fastest growing service in that sector.
"We have proven that we have the most cost-effective and efficient marketing platform for small businesses in the market," said Yodle CEO Court Cunningham. "We plan to continue to lead the market in 2010 with increased investment in innovation and new product launches to be announced in the coming months. All of our innovation is focused on driving the highest possible return on marketing investment for our clients."
Yodle provides online advertising solutions for local businesses in any of three major categories: businesses and professional services (anyone from lawyers to photographers), health and medical, and home improvement. Last year, the company says it expanded its network to over 75 hyper-local web publishers and continually has added new clients.
2010 will be another year for Yodle to prove that it has plenty of room to expand and maintain its leadership status.
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