January 12, 2009
VC Firm JAFCO Ventures Leads $10 Million In Series C Funding for Online Advertiser Yodle
Leading New York online advertiser, Yodle has announced the completion of $10 million in Series C funding, which was lead by JAFCO Ventures and joined by Draper Fisher Jurvetson Growth.� Yodle�s existing investor Bessemer Venture Partners also participated in this round of funding for the company.� The funding will go to help the company double product innovation, double investment, and boost sales.
Yodle�s service provides local businesses affordable and easy way to get new clients and phone calls using online advertising.� This service works by connecting local businesses with customers in a simple and relevant ways.� Yodle has developed an integrated way to get businesses, which are transitioning their marketing budgets on line, to sign up.� Yodle has seen that the demand for online advertising has grown in 2008, despite the economic downturn.�� Yodle reported a 700% growth in online advertising from 2007 to 2008.� Yodle currently has over 5,000 clients.
According to Yodle�s CEO, Court Cunningham, 2008 has been a watershed year for the company.� With Yodle�s competitors retrenching in the difficult economic times, the company keeps pushing forward and Mr. Cunningham believes that Yodle will continue to grow in 2009.� As far as Tom Mawhinny, general partner of JAFCO Ventures, is concerned, only the strongest and most promising companies are getting financing and investments during these difficult financial times.� Yodle�s dramatic growth and seasoned management team along with the focus on customer success makes it unique in the online advertising market.�
JAFCO Ventures is based in Palo Alto, California and is a venture capital partnership which focuses on emerging leaders in the communications, internet, semiconductors, and software markets.� JAFCO was founded in 2003 and as of today manages over $350 million in capital.� The funding is chartered to invest in venture opportunities with breakout potential.�
Draper Fisher Juvreston Growth is a vc firm that mainly focuses on tech companies that are rapidly growing.� Draper Fisher Juvretson is one of the world�s leading venture capital firms that is on the DFJ Global Network.�
Established in 1911, Bessemer Venture Partners is one of the oldest vc firms in the United States and has a tradition of hands-on early staged investing.� Bessemer manages over a billion dollars in venture capital and over 100 Bessemer startups have gone public.� Companies Bessemer has invested in are Ciena, Gartner, International Paper, Maxim, and Staples.�� Other companies, who�s rounds of funding have been lead by Bessemer are Skype, Zopa, Revver, and Flock.