Monday, January 12, 2009

Bessemer helps carry $10M tune for Yodle

By Mass High Tech staff

Bessemer Venture Partners participated in the recent $10 million Series C funding of New York-based online advertising firm Yodle Inc., according to the company. The round, led by JAFCO Ventures, also saw the participation of new investor Draper Fisher Jurvetson Growth and existing investors Draper Fisher Jurvetson and Wellesley-based Bessemer.

According to Yodle officials, the funds will allow the company to double its investment in product and technology innovation and to continue expanding its national sales effort. Yodle has grown from nine employees in 2006 to ending 2008 with 250 employees nationwide.

Bessemer Venture Partners was founded in 1911. The firm specializes in investments in early-stage technology companies and operates offices in New York, California, China, Israel and India.

In June of 2008, Bessemer participated in the $53 million funding of California-based social networking website LinkedIn Corp.

Last year, Bessemer raised the second-largest fund in the nation, attracting $1.3 billion in capital. The firm was also the third most active investor in New England during 2007, closing 38 deals, according to Dow Jones VentureSource.