With ads seemingly everywhere, consumer reviews hold a lot of weight. Trustpilot was founded in 2007 as a way for people to discover customer feedback on brands they’ve interacted with, helping brands establish credibility and trust, as the name implies.
Fast forward 12 years, and the company has seven offices around the world and a platform that hosts 58 million reviews of over 265,000 domains. And the success keeps coming: Trustpilot just announced a $55 million Series E funding round.
Led by Sunley House Capital Management, with participation from existing investors Vitruvian Partners, Draper Esprit, Index Ventures, Northzone and Seed Capital, the funding will be used to boost Trustpilot’s marketing efforts, enhance their technology platform and grow the team. Currently, the company employs more than 700 professionals across its offices in Copenhagen, London, New York, Denver, Berlin, Melbourne and Vilnius.
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.”
“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,” Founder and CEO Peter Mühlmann said in a statement.
Consumers are interacting with e-commerce brands every day. According to Statista, it’s estimated that online sales of physical goods will surpass $735 billion in 2023, meaning there’s a lot of potential for brands to use their reputation and customer loyalty to their benefit.
“Our open and transparent approach is crucial,” Mühlmann added. “It empowers consumers and companies to collaborate, innovate and improve together and that’s what builds lasting brand trust.”