Trustpilot Closes $55 Million Series E Funding Round
Trustpilot, the leading independent platform for companies to build trust with consumers, today announced it has raised $55 million in a Series E equity investment round.
The round was led by Sunley House Capital Management, an affiliate of global private equity firm Advent International, with strong participation from existing shareholders Vitruvian Partners, Draper Esprit, Index Ventures, Northzone and Seed Capital.
Founded in 2007, Trustpilot has grown rapidly since inception via its freemium SaaS business model. The Series E funds will help Trustpilot strengthen its market leading position through investment in marketing, its technology platform and people and accelerate its drive to set new standards for transparency in the review space.
The investment follows another milestone year for Trustpilot. The company now has more than 58 million reviews of over 265,000 company domains from 150+ countries. Today, Trustpilot is one of the top 1% most visited websites worldwide and a leader in the UK, other European markets and North America. Its brand is seen more than 3.5 billion times online each month.
Feedback shared through the Trustpilot platform empowers consumers to get closer to the companies they buy from, make better buying decisions and influence others. For companies, openly collecting consumer reviews on Trustpilot not only helps them grow and show brand trust but also delivers tangible, measurable business results such as actionable customer insights, helping more consumers discover their brand online (including through the strongest SEO power of any comparable platform) and turning significantly more browsers into buyers.
“There has never been a greater need for trust online and in the world which is why we keep pushing the boundaries of what’s possible in the review space,” said Trustpilot founder and CEO, Peter Mühlmann. “Our open and transparent approach is crucial. It empowers consumers and companies to collaborate, innovate and improve together and that’s what builds lasting brand trust.”
Commenting on the investment, Mohammed Anjarwala, a Managing Director at Sunley House Capital Management, said, “Trustpilot offers a powerful value proposition to businesses, enabling them to improve their digital marketing efficiency and enhance customer engagement. We believe that the company has significant opportunities for continued growth, both in its core UK market and internationally, and look forward to supporting Peter and the Trustpilot team.” Mr. Anjarwala will join the Board of Directors at Trustpilot.
Trustpilot is a leading independent review platform, free and open to all companies and consumers. With more than 58 million reviews of over 265,000 domains, Trustpilot gives people a place to share and discover reviews of companies, and enables every company to turn consumer feedback into business results. Trustpilot’s mission is to bring people and companies closer together to create ever-improving experiences for everyone. Its brand is seen more than 3.5 billion times online each month. With offices in Copenhagen, London, New York, Denver, Berlin, Melbourne and Vilnius, Trustpilot's 700 employees represent more than 40 different nationalities. For more information, visit https://www.trustpilot.com
Published — March 5, 2019