Yelp To Follow Facebook's Footsteps - Seeks Private Investment

Yelp, the local business search and review site, is said to be in talks to raise additional financing instead of getting acquired or having a go at the IPO. According to reports Yelp is in talks with Elevation Partners – a major investor in Palm Inc., for the new round of funding. What’s significant about the round is the fact that it may include an option for employees and investors to sell their shares to the investors.

Yelp has previously raised $31 million in funding and was valued at $215 million during the last round in which it raised $15 million from DAG Ventures in 2008.