Yodle, a company that helps local businesses advertise online, today announced it has landed round four financing of $10 million, bringing its funding total to $38 million.
According to a company spokesperson, the new round will be used to double the company’s sales team and invest in several new products to increase internal efficiency and provide better marketing tools to clients. The new tools will apparently help to go beyond clickable ads but the company hasn’t offered up any details on the product yet and won’t be showing it off until next week. The company would not provide any additional information on the new product launch.
An in-depth analysis of Yodle’s business model can be found here, but essentially the company displays local advertising on search pages. If someone is searching on Yahoo for a “plumber in San Francisco” for example, Yodle will serve up an ad on the results page for one of its clients in the San Francisco area. As a person clicks on the ad, they are redirected to the plummer’s website and Yodle then tracks the information so the company can see the results.
Yodle also claims a triple-digit growth with a 135% year over year revenue increase in 2009. An impressive number as the total U.S. Internet advertising revenues declined by 5.3% from the same period in 2008, according to the recent IAB Internet Advertising Revenue Report.
The company, based in New York City claims over 7,000 customers and targets 25 cities, including Boston, New York and San Francisco.