US-based e-commerce marketing software developer Yotpo received $75m in series E funding on Tuesday from backers including conglomerate Access Industries.
Bessemer Venture Partners (BVP) led the round, which included fellow venture capital firms Hanaco and Vertex Ventures in addition to unnamed existing investors.
Yotpo provides cloud-based e-commerce marketing software that offers a single interface for tools such as user reviews, loyalty and referral schemes, text messaging campaigns and predictive consumer analytics.
The service integrates with third-party tools such social media app Instagram and is available through e-commerce platforms such as Shopify, Magento and BigCommerce.
The series E proceeds have been allocated to driving business growth as the Covid-19 pandemic forces an increasing number of businesses to sell their goods online. It will also be used to enhance Yotpo’s customer support capabilities and resources that teach brands how to get the most out of the product.
Yotpo’s total funding now stands at $176m. Access Industries subsidiary ClalTech led its $51m series D round in 2017, investing together with BVP, Vertex Ventures, Marker, Vintage Investment Partners, Blumberg Capital, Rhodium and 2B Angels.
Access Industries also contributed to a $22m series C round for Yotpo in 2016 that was led by BVP and backed by Marker, Vintage Investment Partners, Blumberg Capital and Innovation Endeavors. All the series C investors bar BVP had supplied $15m in series B funding for it the year before.
Blumberg had led the company’s $10.7m series A round in 2014, with contributions from Rhodium, Gandyr Group, 2B Angels, Magna Capital Partners, Plus Ventures and unnamed strategic investors that may have included Access Industries.
