Yelp Inc Joins the Big Leagues
November 17, 2011 No CommentsOn Thursday Yelp Inc. announced to the Securities and Exchange Commission that it plans to raise as much as $100 million in an initial public offering of its shares, looking to join several young Internet companies that are moving to the public markets as they expand.
Yelp Inc. is based out of San Francisco-based and provides local listings of restaurants, bars and other venues, alongside reviews written by the site’s users. It offers reviews in dozens of U.S. cities, with some locations overseas, and relies on online advertising for revenue.
Founded in 2004, Yelp said in its filing that it now has more than 22 million reviews on its site, and that it had an average of 61 million visitors a month in the quarter ended in September. The company said in the filing that its employee count has grown significantly in recent years, and that it plans to spend about $15 million next year on hiring an international sales force and other overseas sales and marketing needs.
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