Feedback in Demand; Trustpilot Raises $73.5 Million
Popular online review company Trustpilot has announced that it raised $73.5 million in a series D investment round.
The latest round of funding was led by private equity firm Vitruvian Partners, with previous investors, including DFJ Esprit, Index Ventures, Northzone and Seed Capital Denmark, also contributing. According to Trustpilot, this funding will be used to continue the company’s growth in North America and across the globe.
Trustpilot is an online review company that provides verified, third-party reviews via an open community where consumers can share their brand experiences. The Series D investment round follows a successful year for Trustpilot, as the company saw 80 percent growth. The new round also brings the total investments in the company to $118.5 million.
“Every day more than 10,000 consumers sign up for a Trustpilot account, demonstrating the growing global trend that a brand is no longer what the company says it is; it’s what the customers say it is,” said Trustpilot Founder and CEO Peter Holten Mühlmann. “Trustpilot is at the forefront of this trend, and we will use this round of funding to invest in teams and technology that enable us to amplify our position as the online standard for trust.”
Feedback collected through Trustpilot not only helps brands increase customer retention, but also helps them make informed decisions about service, product development, marketing and customer experience teams. It is also important to note that to ensure its high standards of transparency, Trustpilot has a team of 30 people working to make sure reviews comply with guidelines and combat fraudulent reviews.