Copenhagen-based Trustpilot, the customer review platform that lets people share their experiences to help others make better choices, and provides feedback to companies to help them improve their services, has raised €48.5 million in Series E funding.
Founded in 2007, Trustpilot has grown rapidly since, and now has more than 58 million reviews of over 265,000 companies in more than 150 countries. Trustpilot is now among the top 1% most visited websites worldwide and a leader in the UK, as well as 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.
The Series E round was led by Sunley House Capital Management, an affiliate of global private equity firm Advent International, with participation from existing shareholders Vitruvian Partners, Draper Esprit, Index Ventures, Northzone and Seed Capital. The company will use the new funding to invest in marketing, its technology platform, and in hiring talent.
“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.”
“Trustpilot offers a powerful value proposition to businesses, enabling them to improve their digital marketing efficiency and enhance customer engagement,” said Mohammed Anjarwala, a Managing Director at Sunley House Capital Management, who will join the board of Trustpilot. “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.”