Yext Is Now Worth $270 Million
With so many different portals on the web for businesses to display their wares, keeping track can become a tad difficult sometimes. This is why companies like Yext are doing so well.
Yext provides syndication and listings management for local businesses and so far the company has done very well to attract both customers to its services and the eye of venture capitalists. According to reports the company recently got a fresh injection of capital ($27 million), at a reported valuation of $270 million. The round had a few big-name VCs on board including Rick Scanlon, founder of Crescent Point Capital Group and CrunchFund—the investing arm of AOL which also owns TechCrunch.
The scale of the investment matches well with the present growth of Yext has scaled its business to include what it calls ‘Power Listings’. These are location and content updates that ensure that a business website is listed in the right location; has the right mix of content (photos etc.) and has the correct listings for important contact details like phone numbers.
The latest round of funding brings the total invested in Yext to date to little over $65 million and there are no immediate plans to sell the company despite the growing value of the operations. The good thing for Yext also is that these types of services are not yet ultra-competitive and with the head start the company has, should be able to stave off the competition for a while.
(Source: sitetrail.com)
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