Yelp Gets Up to $100 Million From Elevation Partners
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Yelp, a Web site that features reviews of local businesses, said it has received as much as $100 million in funding from private equity firm Elevation Partners and will use the investment to expand its sales force and compensate employees.
The investment values Yelp at $475 million, say two people familiar with the matter. That compares with more than $500 million offered by Google (GOOG) before takeover discussions broke down in December. The $100 million includes $25 million through the purchase of preferred stock, and as much as $75 million that can be used to purchase equity from employees and earlier investors.