SAN MATEO, Calif. – February 10, 2009 - Oodle (www.oodle.com), the largest network for online classifieds, announced today that it raised an additional $5.6M in funding from its existing investors including Greylock Partners, JAFCO Ventures, and Redpoint Ventures. The company also announced that it has passed a significant traffic milestone with over 10M visits in January.
"Oodle's rapid growth demonstrates that the online classifieds market is ready for fundamental innovation by savvy players who understand its many unmet needs," said David Sze, partner at Greylock Partners. "I look forward to continuing my close work with the Oodle management team as they implement exciting new initiatives that will build upon the achievements Oodle has already accomplished."
Oodle's traffic tripled in 2008. Since launching the service less than four years ago, Oodle has developed a partner network that includes more than 200 leading brands including Comcast, Cox Broadcasting, Walmart and most recently, MySpace. In November, Oodle also announced plans to power Facebook's Marketplace later this quarter.
"Social media offers different opportunities for classified advertising than traditional media," said Geoff Yang, founder partner of Redpoint Ventures. "Oodle is pioneering ‘social classifieds' which uniquely combine commerce, social interaction, and an entertainment experience. This company could be a key player in changing the economics of social media."
"In this economy, people are looking to online classifieds to find bargains and make some additional money," said Craig Donato, CEO of Oodle. "Our mission is to broaden the appeal of classifieds by making it better. And one of the best ways to do that is to make the experience more social by leveraging our partnerships with Facebook and MySpace."
Founded in 1965, Greylock Partners is one of the world's leading venture capital firms. Over the past 44 years, Greylock has funded and helped build several hundred successful companies. The Greylock approach uniquely puts the entrepreneur first, with Greylock working as an "invited guest" in a highly supportive yet consultative way to help entrepreneurs build market-leading companies. Companies Greylock has funded include Ascend Communications, CheckFree, Constant Contact, Continental Cable, Decru, Data Domain, Digg, DoubleClick, Facebook, Internet Security Systems, Ikanos, Legato, Linked In, Millennium Pharmaceuticals, Openwave, Red Hat, RightNow Technologies, Success Factors, Tellabs, Trilogy and Wily Technology. Greylock's offices are located in Silicon Valley, the Boston area, Israel and India. For more information, please visit www.greylock.com.About JAFCO Ventures
Based in Palo Alto, California, JAFCO Ventures is an independent venture capital partnership focused on companies that are emerging leaders in the software, semiconductor and communications industries. JAFCO Ventures was formed in 2003 and currently manages $200 million in capital. The fund's charter is to invest in venture opportunities with true "breakout" potential where JAFCO Ventures can meaningfully add value with capital, the experience of seasoned venture capital investors, and the deployment of our Asia business development (ABD) team. The role of the ABD team is to help JAFCO's portfolio companies generate revenue from customers in Japan and other parts of Asia. For more information, visit www.jafco.com.About Redpoint Ventures
Redpoint Ventures teams up with exceptional entrepreneurs to help build industry-defining technology companies. Redpoint partners have many decades of experience and success in technology investing; combined with this foundation, the firm is able to leverage a thriving network of entrepreneurs, partners, and industry experts to accelerate building market-leading companies. Redpoint's portfolio includes innovative start-ups like Scribd, LifeSize, Blue Kai, HomeAway, Solyndra, Topspin Media, Gaia, Fortinet, Answers.com, and others. Redpoint partners have also backed industry leading companies such as MySpace, Netflix, Danger, TiVo, Juniper Networks, Foundry Networks, Ask.com, Zimbra, RightMedia, and Documentum. Redpoint was founded in 1999 by partners from two of the top firms in the venture capital industry and currently has over $2 billion under management. The firm is headquartered in Menlo Park, CA with offices in Los Angeles and Shanghai, China. For more information, visit www.redpoint.com.About Oodle
Oodle is pioneering the next wave of e-commerce by bridging together social media with online classifieds. The company operates the largest network of classifieds services in the US, with a partner network of more than 200 leading brands including Comcast, Cox Broadcasting Facebook, MySpace and Walmart. With access to more than 200 million users worldwide, Oodle provides consumers and local advertisers with a great way to promote their listings. Oodle also helps buyers by providing them with the most listings, over 500,000 new listings a day aggregated from over 80,000 different sites. With its next generation platform, Oodle offers media companies and online communities a great user experience and proven business model for free community classifieds.
For more information, please contact:
Director of Public Relations, Oodle