New investment to be used to expand platform that instantly syncs business listings
New York – June 12, 2012—Yext, the company that syncs business listings on 50+ publishers, today announced a $27 million Series E investment led by Marker, a new fund launched by Rick Scanlon, the founder of Crescent Point Capital Group, and Thomas Pompidou, a partner there. Also participating in the round are CrunchFund and existing Yext investors, Sutter Hill Ventures, Institutional Venture Partners (IVP), and WGI Group. The capital will be used to expand the Yext platform.
“Today is a watershed moment for both Yext and anyone who’s ever found wrong information about a business online,” said Howard Lerman, Yext co-founder & CEO. “By enabling businesses to instantly update their listings, end users find up-to-date info on our partner sites. We are delighted to welcome our new partner Marker as we expand our platform to synchronize the world’s local information everywhere.”
Yext has experienced explosive growth over the past year, now powering local information for 50,000 businesses on 50 sites. Since September, Yext has powered 950,000 distinct location updates, saving millions of outdated local search results from appearing.
“Yext is solving a huge problem with the potential to serve over 20,000,000 businesses in the US alone. The company has a market-leading product, a proven management team, and sits in the intersection of local advertising and Software-as-a-service (Saas), two of the largest and fastest growing markets in the technology industry,” said Richard Scanlon of Marker. ”We’re very excited to support their rapid expansion.”
“In just a short amount of time, Yext has established itself as one of the fastest growing companies in the New York Tech scene and has proven to be the category leader.” said Michael Walrath, of WGI Group and Yext chairman. “This investment validates a huge bet to transform the company.”