Trustpilot, a Copenhagen, Hovedstaden, Denmark based independent platform that builds trust with consumers, has raised $55 million in Series E funding. This round of funding was led by Sunley House Capital Management — which is an affiliate of global private equity firm Advent International. And the company also had strong participation from existing shareholders Vitruvian Partners, Draper Esprit, Index Ventures, Northzone, and Seed Capital.
Launched in 2007, Trustpilot grew rapidly since inception through its freemium SaaS business model. Trustpilot plans to use the Series E round of funding to strengthen its market-leading position through investments in marketing, technology, and people. And the company is going to accelerate its drive to set new standards for transparency in the review space.
Trustpilot now has more than 58 million reviews of more than 265,000 company domains from 150+ countries. Now Trustpilot is one of the top 1% most visited websites worldwide. And its brand is seen more than 3.5 billion times online every month.
“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 Holten Muhlmann in a statement. “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.”
The feedback that is shared through the Trustpilot platform empowers consumers to get closer to the companies they buy from and makes better buying decisions and influence others. Companies that are openly collecting consumer reviews on Trustpilot helps them grow and show brand trust. And it also delivers tangible and measurable business results like actionable customer insights and helps more consumers discover their brand online.
“Trustpilot offers a powerful value proposition to businesses, enabling them to improve their digital marketing efficiency and enhance customer engagement,” added Sunley House Capital Management managing director Mohammed Anjarwala. “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.” Anjarwala is also joining Trustpilot’s board of directors.