Yelp, the community-led local search site, gets a $25M investment

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Database Reference:  F231109-336

Business:  Yelp
Other Web Links: Blog  Facebook  Twitter
Location:  USA, San Francisco, CA
Region:  North America
Business description:  A website that connects people with local businesses. Yelp was founded in San Francisco in July 2004. Since then, Yelp has developed communities across the US, Canada, UK and Ireland; Yelp drew an audience of more than 26 million unique visitors in December 2009. Yelpers have written more than 9 million local reviews on everything from boutiques and mechanics to restaurants and dentists
Category: Reviews, Directory
Contact 1:  Jeremy Stoppelman, Yelp chief executive officer and co-founder
Contact 2:  Marc Bodnick, a Managing Director and Co-Founder, Elevation Partners 
Contact 3:  Bono (lead singer of Irish rock group U2), a Managing Director and Co-Founder of Elevation Partners
Contact 4:  Fred Anderson, a Managing Director and Co-Founder, Elevation Partners  
Investors:  Elevation Partners, a newly formed private equity firm that makes large-scale investments in market-leading media, entertainment, and consumer-related
Amount raised:  $25,000,000 investment in Yelp through the purchase of Series E preferred stock. Elevation Partners will also seek to increase its total investment in Yelp to $100 million through a planned purchase of shares from vested employees and other eligible shareholders. 
Details:  Yelp, the community-led local search site, has announced that private equity firm Elevation Partners has agreed to make a $25 million investment in Yelp. The details of the offer to purchase are expected to be announced to qualified participants in the near future. Yelp plans to use the additional funding to deepen its market leadership position throughout the US, accelerate growth in Canada and throughout Western Europe, and continue the development of innovative mobile applications.

Link:  Press Release

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