Review website Trustpilot raises $55m
Trustpilot has raised $55 million in a Series E funding round which takes its total funding to date to $173m.
The consumer review website, which hosts reviews of businesses across the world, makes revenue from selling software-as-a-service to companies that pay to display their review scores online and gain insights from the ratings data.
Headquartered in Copenhagen, Denmark, the company says it will use the cash injection to ‘accelerate its market-leading position through investment in marketing, its technology platform and people’.
“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.”
The funding round was led by Sunley House Capital Management with participation from existing shareholders Vitruvian Partners, Draper Esprit, Index Ventures and Northzone.
With offices in Copenhagen, London, New York, Denver, Berlin, Melbourne and Vilnius, Trustpilot's 700 employees represent more than 40 different nationalities.
Trustpilot now has more than 58 million reviews of over 265,000 company domains from 150+ countries.
Today, Trustpilot is one of the top one per cent 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.
Simon Cook, CEO at Draper Esprit, commented: "Trustpilot is a fantastic business that we've backed for some years.
“They've built a market leading business model and have grown strongly since we initially invested in them in 2013.
“This new round of investment will enable them to consolidate their position as the world's leading platform for trust online."