Local Search Platform Yext Secures $27 Million In FundingBy: Chris Crum - June 12, 2012
Yext has secured a new $27 million Series E round of funding. The company says it will use the capital to expand its platform.
Yext is in the business of “Amazing Local Search Results,” with its PowerListings product promising to sync and enhance your business listings on over 30 sites. The company says it enables small and large businesses to quickly and easily update their business info, photos and specials from a central location. It currently syncs information for over 50,000 locations.
The investment is led by Marker, a new fund launched by Rick Scanlon and Thomas Pompidou. The former founded Crescent Point Capital Group, and the latter is a partner at the firm. Michael Arrington’s CrunchFund is also participating in the round, along with existing Yext investors Sutter Hill Ventures, Institutional Venture Partners (IVP), and WGI Group.
Based in New York, Yext was founded in 2006 by Howard Lerman, Brian Distelburger and Brent Metz.
“Today is a watershed moment for both Yext and anyone who’s ever found wrong information about a business online,” said Lerman, who is also the CEO. “By enabling businesses to instantly update their listings, end users find up-to-date info on our partner sites. We are delighted to welcome our new partner Marker as we expand our platform to synchronize the world’s local information everywhere.”
“Yext is solving a huge problem with the potential to serve over 20,000,000 businesses in the US alone. The company has a market-leading product, a proven management team, and sits in the intersection of local advertising and Software-as-a-service (Saas), two of the largest and fastest growing markets in the technology industry,” said Richard Scanlon of Marker. “We’re very excited to support their rapid expansion.”
Local search and business listings have certainly been a hot topic over the last couple weeks, particularly with major announcements from Google and Apple.