Yotpo, which bought a Bulgarian startup, was valued at $ 1.4 billion.

The US technology company Yotpo received an estimate of $ 1.4 billion in another round of financing, in which the startup raised another $ 230 million from current and new investors.

In 2020, Yotpo acquired the native startup SMSBump. With part of the funds raised, the company plans to expand its Sofia office and turn it into an R&D center for Europe, the founders of Mihail Stoychev and Georgi Petrov said in a press release.

Last year, the Bulgarian company led the way in growth in Yotpo’s portfolio, generating growth of over 170%. To date, the SMS marketing platform is used by over 90,000 online brands worldwide.

American Yotpo offers marketing platforms for online retailers and stores. “We have always believed that e-commerce will become the dominant form of shopping, but in 2020 we witnessed unprecedented growth“, says Tomer Tagrin, CEO and founder of Yotpo.

“We are facing a very interesting year 2021, during which we aim to grow the team in Sofia to 80 people, from technical roles (programmers, team leaders, QA, DevOps), through human resources, marketing and design specialists, and more“, says Stoychev.

“This round opens new horizons for growth for us, and our office in Bulgaria will be key to achieving it. Along with the opening of new teams, we will develop many more new functionalities that will strengthen our place among the leading marketing platforms at the global level.“, adds Petrov.

In response to the rise of e-commerce worldwide, the team in Bulgaria strives to expand the scope of the application, making it accessible to as many merchants and e-commerce platforms as possible, as well as to create a synergy between Yotpo products. The SMS marketing platform is just one of the solutions that will be part of the future integrated platform, along with products for collecting and presenting opinions and reviews, developing loyalty programs and advertising visualizations, and more.

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