After rejecting Google’s $500 million offer late last year, Yelp took on a $100 million institutional funding round from Elevation Partners, the private equity fund that owns a good chunk of Palm as well. While everyone thought Yelp may be interested in pursuing an IPO later in 2010, as are a number of other Internet companies, Yelp CEO Jeremy Stoppelman said the company is in no hurry to go public. As such, the likelihood of an IPO in 2010 is off, and 2011 is a maybe.

Mr. Stoppelman declined to comment on the discussions with Google but said the newest round of private financing will allow Yelp to “grow the way we want and work on the things we say we’re going to work on.”

“Right now I don’t want to par with investors for two weeks after every quarter,” he said. [WSJ]