Yodle, a New York-based company that helps small businesses generate leads and power local advertisements, on Monday announced that it has raised a $10 million Series C funding round.
Led by Jafco Ventures, the round was completed with contributions from the Draper Fisher Jurvetson Growth Fund, and previous investors Draper Fisher Jurvetson and Bessemer Venture Partners.
The reason for raising the money? According to a release, it's because Yodle is growing fast and plans to expand further. At the end of 2008, the company had 250 employees and 5,000 customers, and reported 700 percent revenue growth from 2007.
"It's been a watershed year for Yodle, and thanks to our incredible team working hard to deliver for our customers, we expect that growth to continue in 2009," CEO Court Cunningham said in the release. "While our competitors retrench in the face of financial adversity, we are stepping up investment in our customers' success. This new funding round will accelerate product and technology development to provide increased online exposure and even stronger results for our local business owner clients."