San Francisco - Yelp, a service that lets features user-generated reviews of local restaurants, businesses and service providers, announced on Wednesday that it has received an investment of up to $100 million from Elevation Partners.
Under the terms, Elevation will purchase $25 million in shares, and seek to increase its total investment to $100 million through a planned purchase of shares from vested employees and other eligible shareholders.
Founded in 2004, San Francisco-based Yelp counted 26 million unique visitors in December, and said that users have written more than 9 million local reviews on its site.
In 2009, the company launched in eight new U.S. markets, as well as in the U.K. and Ireland, and also released mobile applications for iPhone, BlackBerry, Palm Pre and Android.
The company plans to use the investment to expand in the U.S., Canada and Western Europe, as well as to continue development of mobile applications.
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