New York ad tech startup Yext raised $50 million in venture funding, CEO Howard Lerman revealed today.
“This is the last round before we go public,” Lerman told Adweek. He expects to take the software services company public next year.
Yext, founded in 2006, has had to adjust its business over the years. At first, it hoped to be a next-generation Yellow Pages, helping small and medium-sized businesses execute online direct marketing.
Now, 300 large enterprises and thousands of small businesses use Yext to manage their information online. Businesses plug in their store hours, locations, photos and phone numbers and can update the data in real time from Yelp to Facebook.
“We help marketers get local data across all the places that matter,” Lerman said.
Insight Venture Partners led the latest round of funding, which valued the company at more than $500 million, according to sources familiar with the deal.
Yext generated $34 million in revenue in 2013 and expects to hit $55 million this year, according to Lerman.
Another New York-based ad tech firm, MediaMath, also raised money this week. The company raised $73.5 million from Spring Lake Equity Partners and increased its borrowing capability to $105 million.