Tel Aviv-based startup Yotpo announced on Wednesday that it has secured $10.7 million in Series A funding. Yotpo allows companies to add a social factor to their product review, according to The Wall Street Journal (WSJ).
The funding round was led by US-based venture capital group Blumberg Capital. Existing investors including Gandyr Group, Rhodium, 2B Angels, and Oliver Jung also participated in the said round, the report detailed.
Yotpo was launched in March 2011. It is a freemium service that helps enterprises generate content and verified reviews from real shoppers. The firm also helps those companies share the reviews across social networks and search engines, the report explained.
The new capital will be used for the expansion of Yotpo's office in San Francisco, US. Around 55% of its clients are based in the US and 30% are in Europe. The others are scattered across the globe. The startup has only 15 customers in Israel, the report said.
Former GoDaddy LLC chief Warren Adelman will join the advisory board of Yotpo. Alon Lifshitz of Blumberg will join the main board, WSJ reported.
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