Yext Raises $10 Million To Double Down On PowerListings For Local Businesses

Managing local listings across the Web is a nightmare for small businesses, and a huge opportunity for local advertising startup Yext. The New York City company just closed a $10 million series D round, led by Michael Walrath through his WGI Group investment vehicle. Other existing investors IVP, Ron Conway's SV Angel, and Sutter Hill Ventures also participated. Walrath is the founder of Right Media (which was sold to Yahoo for $850 million) and became chairman of Yext last March. This was very much an internal round, but at a higher valuation than the $25 million C round two years ago (which it called a B at the time, but was technically a C). Yext's main business is pay-per-call ads for local businesses. And that is a decent sized business that brings in revenues in the double-digit millions, and the company even entertained some acquisition offers. "We thought about whether or not to sell or do something that could be 100 times as big," says CEO Howard Lerman, "and we chose the latter."

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