Trustmary, a leading testimonial marketing platform headquartered in Jyväskylä (Finland), today announced its first funding round to accelerate growth both in North America and Europe. The €1.86 million investment round consisted of a €1.15 million equity investment from Vendep Capital, a Northern European SaaS focused venture capital company, and a €751K loan from Business Finland, a Finnish governmental funding organization.
The fresh capital will be used to further intensify the company’s market entry while also strengthening marketing and development teams in both the European headquarters in Finland and the US headquarters in Minneapolis. Since the launch of the first SaaS product, the company has rapidly gained hundreds of customers from USA, Canada, Germany, Finland, and Sweden.
Trustmary was founded in 2016 to provide a global video testimonial service, but transformed into a SaaS company during 2020 with the launch of its first SaaS product. The co-founders Johannes Karjula (CEO), Valtteri Ylimäki, Arttu Haho and Perttu Paukkeri continue in their current roles and are now excited to accelerate the company’s growth both in Europe and in the North America.
Johannes Karjula, the CEO of Trustmary commented: “We are well positioned to become one of the leaders in this new market segment. Our customers have gained outstanding sales growth with Trustmary’s testimonial marketing platform. The strong need to build deeper trust and close more sales online already exists across all industries and current global megatrends further boost this need. We are happy to have Vendep join our journey. Their involvement and investment motivates our entire team to perform at an even higher level going forward.”
Mikko Honkanen, the Chairman of the Board of Trustmary and founder of Vainu stated: “Digital trust is in crisis today preventing conversion in the sales pipeline. All research confirms that people trust authentic peer reviews and testimonials when making purchase decisions. Trustmary testimonial marketing platform helps businesses regain digital trust using automated customer testimonials and produce measurable results for their customers.”
The startup will be publishing many new features in the Trustmary testimonial marketing platform during Q4 of this year, doubling the current team with new marketing and development employees, and speeding up the value proposition for customers.