Yotpo, an Israeli marketing platform, has raised $51 million in a round led by ClalTech, a division of Israeli industrial group Access Industries.
The round includes new investor Vertex Ventures and existing backers Bessemer Venture Partners, Marker LLC, Vintage Partners, Blumberg Capital, Rhodium, and 2B Angels.
Yotpo is a platform for businesses to gather user-generated content like reviews and photos for their marketing efforts. The new funds will be used to open a second US office in Salt Lake City and to employ 150 extra people as well as to invest in further product development, focusing on AI and machine learning.
“For us, AI isn’t a buzzword but a core technology already powering our solution today,” said Tomer Tagrin, CEO of Yotpo (pictured, left). “But we’re also seeing a real opportunity to incorporate deep learning to solve the most pressing challenges of commerce businesses. We’re just touching the surface of the potential here, and we’ll have exciting news coming soon.”
According to the company, it has quadrupled its revenues over the last 20 months.
Access Industries head of Israeli tech investments and ClalTech CEO Daniel Shinar will be joining Yotpo’s board.
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