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Yext Gets $50M In Venture Funding, Moving It Closer To An IPO
Geo-marketing software provider Yext announced on its company blog today it has secured $50 million in venture funding.
CEO Howard Lerman told AdWeek, “This is the last round before we go public.”
Led by Insight Venture Partners and including Marker LLC Institutional Venture Partners and Sutter Hill Ventures, the funding will be used as primary capital to invest in research and development.
Yext says its geo-marketing software helps marketers manage business listings across various platforms, including maps, directory sites, social media and apps:
If you’ve ever found the wrong information in a map, we’ve set out to help you. Yext is there, behind the scenes, bringing you better and better results each day.
The company has plans to go-to-market in Germany, Australia, UK and Canada later this year, followed by Europe and Asia in 2015.
Yext says it expects to be profitable next year, and reports its 2013 revenue was up 136 percent from 2012, reaching $34 million.