Denmark-based
consumer review platform for independent Trustpilot has raised investment of
over $55 million in Series E round of funding. The new round saw investments
from earlier investors like Seed Capital, Northzone, Index Ventures, Draper
Espirit and Vitruvian Partners as well as largest investment from Sunley House
Capital Management which is the affiliate of Advent International, a global
private equity firm.
Trustpilot
has grown phenomenally, since initial founding in 2007 and subsequent rollout of
the freemium SaaS business model. The company’s website now has 58 million
reviews from 150+ countries and 265,000 company domains. Trustpilot now ranks
among the top one percent most visited websites in the world. The company has
become a leader in European markets like UK and also North America. The brand
is visited 3.5 billion times each month.
Consumers
can get better information about the products they want to buy by using the
feedback available on the Trustpilot platform. They can make better purchasing
decisions and also leave reviews to influence others. The companies also
benefit by collecting the consumer reviews on the Trustpilot platform which
helps them to grow business by showing the consumer’s trust on the brand. It
also helps them to use the consumer insights to enhance product quality and
take actions accordingly. The platform leverages the power Search Engine
Optimization to enable customers discover their brand online, ultimately
turning browsers into buyers.
The
founder and CEO of Trustpilot Peter Muhlmann said that there is great need to
build trust online and that’s why the platform keeps pushing the boundaries of
possibility in the review space. He added that their platform is open and
transparent which enables companies and consumers to innovate, collaborate and
improve together and builds a long-lasting trust in the brand.
Sunley
House Capital Management’s managing director Mohammed Anjarwala said that they
look forward to supporting the Trustpilot team as the company has great potential
for continued growth both internationally and in the UK market. Trustpilot is a
powerful platform for businesses to enhance customer engagement and improve
their digital marketing efficiency, he added. Mr. Anjarwala will soon join
Trustpilot’ Board of Directors.
Trustpilot
is a leading and independent consumer review platform which is open and free
for all consumers and companies worldwide. The company headquartered in
Copenhagen, Denmark also has offices in Vilnius, Melbourne, Berlin, Denver, New
York and London. The company employs 700 people representing 40 different
nationalities.