New York, NY (PRWEB) July 28, 2011
Yext, a rapidly growing business listings company, today announced that it has raised a $10 million up round financing led by WGI Group, with full participation from existing investors Sutter Hill Ventures and Institutional Venture Partners (IVP). The capital will be used to fuel growth of Yext PowerListings.
“Yext’s mission is to make business listings simple,” said Howard Lerman co-founder and CEO of Yext. “Listings are vital to all businesses – nearly everyone consults them before choosing a local business – but they’re very challenging to manage across dozens of different sites. We set out to solve this huge problem for nearly 20,000,000 businesses and actually make business listings simple, with our revolutionary new PowerListings technology.”
PowerListings automatically syncs organic business listings across its network of premium sites and mobile apps. Businesses can take control of their listings from a single point to get their basic info corrected, put up photos, Specials Offers and more, and also get tracking and reporting on their searches and profile views. Already, over 4,000 businesses trust the Yext PowerListings Platform to synchronize their listings.
“Over the last 12 months I’ve seen the expertise and passion of a very smart group of people breathe life into an incredibly innovative and disruptive product that will fundamentally change the way local business listings are handled on the web and mobile devices,” said Michael Walrath, managing partner of WGI Group, and Chairman of Yext. “And most importantly, I’ve seen the product built, launched, and thousands of paying customers loving the product. To say we are excited about leading this investment would be an understatement.”
Brian Distelburger, co-founder and President of Yext added, “Large and small businesses are nearly universally impacted by ‘The Listings Problem.’ Hundreds of different local search indexes, 411 databases, online directories, and more, make it impractical for a business to publish accurate and comprehensive information. PowerListings addresses a fundamental gap in the entire ecosystem by enabling businesses to publish the right information, publishers to obtain the accurate business listings, and ultimately, end users to find the right info.” Distelburger added, “We’re committed to getting everything sync’d up virtually everywhere with PowerListings.”
Yext is making business listings simple with PowerListings, a technology that synchronizes and enriches organic business listings across a network of premium sites and mobile apps. With Yext PowerListings, large and businesses can quickly and easily update their business listings from one central location. Today, over 4,000 businesses trust Yext PowerListings to synchronize their listings. The company was founded in 2006 by Howard Lerman, Brian Distelburger and Brent Metz.
About WGI Group
WGI Group is the investment arm of entrepreneurs Michael Walrath, Jonah Goodhart, and Noah Goodhart. Notable WGI companies have included Right Media (acquired by Yahoo!), Yext, Hunch, Adbuyer (acquired by MediaBank), Adroit (acquired by MediaMath), Meteor Games, bluekai, Inadco, XA.net, GuideMe, and Moat. For more information visit http://www.wgifund.com
About Sutter Hill Ventures
Sutter Hill Ventures is a venture capital firm that finances technology-based start-up and early-stage companies that pioneer products or services in growth markets, especially those in information technology and health care. Founded in 1962, it is one of Silicon Valley's original venture capital firms. Some of the companies backed by Sutter Hill include: Network Appliance, Legato, Quantum, StorageTek, Data Domain, Alteon, Linear Technology, nVidia, and BroadVision. For more information about Sutter Hill Ventures, please visit http://www.shv.com.
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing media and technology companies. Founded in 1980, IVP has invested in over 300 companies, 87 of which have gone public. IVP has a 30 year IRR of 43.2% and is one of the top performing firms in the industry. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as Aspect Communications, Kayak, LegalZoom, LivingSocial, Twitter, Zynga, and several companies that have gone public. For more information, visit http://www.ivp.com or follow IVP on Twitter: http://twitter.com/ivp.