The name is "short," "memorable," and ties into what the site does because Yelp sounds similar to "yellow pages" and "help." He also goes into the company's origin story: Stoppelman describes how Yelp got its name in the company-produced video below. We realized the best way to find a doctor, or other services, was by word of mouth." MRL Ventures invests $1 million in the San Francisco-based company. Back then there was very little information on the Internet it was frustrating. Stoppelman describes his inspiration in the Wall Street Journal: "I got sick and needed to see a doctor. July: Stoppelman and Simmons co-found Yelp while involved in the entrepreneurial incubator MRL Ventures. CEO Jeremy Stoppelman tells USA Today that he sees Facebook as his "wild card" competition and that Yelp's next task is to convince business owners that the company is on their side: "We're determined to do better at showing business owners how we can help them grow and, in turn, savvy businesses can take action based on our feedback and raise their game."īelow, Eater takes a look at the dramatic history of Yelp: 2004 Along the way, Yelp has dodged extortion allegations, walked away from a half-billion purchase offer from Google, and gone public. Its tremendous reach today comes as a result of a decade of establishing itself as a leader in the field of local community coverage. Yelp's aggressive growth can be traced back to its incredible success in fundraising as well as to its continuously evolving services. Their shares are hovering at about $68 today. Now the sometimes maligned site celebrates its 10th anniversary with a staggering valuation of $5 billion and some 130 million unique visitors each month. In 2004, two former PayPal employees, Jeremy Stoppelman and Russel Simmons, raised $1 million in funding for a glorified "e-mail circle" that allowed friends to directly swap business reviews.
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