To the Yotpo team:
As I mentioned in the last all-hands meeting, over the last months, we have been meeting with a few investors. I am more than excited to announce that Bessemer Venture Partners led our most recent $22M financing round and joined the Yotpo family.
I am super appreciative and proud that our board, internal investors and leadership optimized for value and for the long term.
We got better valuations from other investors, but it was very obvious once Bessemer engaged with us that they were the right partner.
Why is it so exciting to have Bessemer on board?
Their expertise in scaling SaaS companies: In this round, we were really looking for someone to help us scale our SaaS platform. We looked for people that had already been in the places we are heading in our path towards $100M in ARR. Bessemer has a proven record of scaling best-in-breed SaaS companies: Shopify, Wix, Box and LinkedIn are just a few examples.
The Bessemer Team: We’ve known the Bessemer folks for a few years now. From a cultural standpoint they are exactly the type of people we like to work with. Adam, Byron, and Amit, we are so excited to start working together.
What does it mean for our customers?
First, I want to say thank you to our customers. We would not have made it here without you. Thank you for choosing our platform as a partner in your marketing efforts, thank you for helping us lead the way in customer content marketing.
Two of the big reasons we decided to raise money were for our customers:
We are going to continue investing in our clients’ success: We will continue ramping up our client success teams and invest heavily in the success of our customers. We see each customer as a long-term partner, and this round will ensure Yotpo provides the best service there is.
What does it mean for the market?
This round is a huge validation of the path we are leading. When one of the world’s best investors decides that our company is the next big thing, it means a lot.
It means that we are just getting started — so many businesses are struggling in today’s market, and we are here to help!
The saturation of content marketing combined with the emergence of more and more consumer platforms creates a huge problem for companies in terms of marketing.
This is a massive challenge for companies, and the problems are only just starting. Yotpo is going to solve them.
What does it mean for you, our employees?
This year was a crazy year. We grew our team from 60 to 160 people across different continents.
We know it was not easy, and we know we need to do a better job with communication as a whole. This round means the years ahead of us are going to be much more exciting…and challenging.
Preserving our culture as we grow is my personal mission. We need all of you to help ensure that every person joining our team is better than anyone we’ve brought before.
I promise you we will improve and fight to ensure Yotpo will be a phenomenal place for the next 20 years.
We won’t compromise on our shared values, level of people and sense of purpose.
There are so many people that are inspired and grateful for what you are building.
From the bottom of my heart, I am proud that we work together, and thank you for all the hard work, passion and energy you bring every day.
Let’s make Yotpo one of the greatest companies in history.
Thank you guys so much,
Tomer
