San Francisco - Yelp, a social media site where users can post reviews of local bars, restaurants and other businesses, announced on Wednesday that it has raised a $15 million fourth round of financing, led by DAG Ventures.

Previous investors Benchmark Capital and Bessemer Ventures also participated.

San Francisco-based Yelp counted 7 million visitors to its site in January, according to Google Analytics, and currently hosts 2.3 million user-generated reviews, CNET News.com reported.

The company will use the funds to open a New York City office, as well as hire additional ad sales staff.

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