Penn-founded Yodle files for IPO to raise about $75 million
Tom Paine
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Local business advertising website Yodle filed today for an IPO to raise about $75 million in an initial public offering (IPO). It plans to list its shares under the ticker symbol "YO" (yes, true).
Founded in 2005 and originally named "NatPal", its founders included Penn grads Nathaniel Stevens and Ben Rubinstein. A 2007 Knowledge@Wharton article describes how the venture got off the ground, with the help of the Wharton Venture Initiation Program and a Wharton professor.
Now based in New York, Yodle reported a 30 percent jump in revenue to $45.7 million for the three months ended March 31, and a loss of $5.9 million. Competitors include Yelp, Angie's List and others. Investors include Draper Fisher Jurvetson, Bessemer Venture Partners and Jafco Technology Partners. Penn-related MentorTech Ventures is also an investor.
