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Yodle raises $10 Million in series D venture financing

By SiliconIndia | Wednesday, 03 February 2010, 21:04 Hrs

New York: Yodle, a provider of local online advertising, has raised $10 million in Series D venture funding round. This round of financing is led by JAFCO Ventures and joined by Bessemer Venture Partners, Draper Fisher Jurvetson, and Draper Fisher Jurvetson Growth.

This latest funding round brings Yodle's total financing to $38 million. In 2009, Yodle continued triple-digit growth with a 135 percent year over year revenue increase, making it the fastest growing provider of local online advertising services in the U.S., according to industry analyst Borrell Associates.

Founded in 2005, Yodle has developed an integrated approach to signing up and serving local businesses that are transitioning their marketing budgets online. In 2009, Yodle significantly expanded its nationwide franchise business (YodleFranchise) by bringing on clients like ServiceMaster and Two Men and a Truck, adding numerous strategic reseller partnerships, and expanding its local advertising network to over 75 hyper-local web publishers. Currently, the company has about 300 employees.

"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." Milind Mehere is the Vice President of Business Development at Yodle.

Tom Mawhinney, General Partner at JAFCO Ventures said, "This round of funding is a testament to the success of Yodle and the value in its offering for local business owners. We expect great things for Yodle this year and in the future."

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