Trustpilot Announces $20 Million in New Financing from Silicon Valley Bank
Trustpilot, a Danish company providing an independent online review platform for business and consumers, announced that it has secured $20 million in new financing from Silicon Valley Bank (SVB). The funds will help Trustpilot accelerate its rapid growth and expansion as it aims of becoming the leading independent review platform for businesses and consumers worldwide.
Specifically, the additional funding will support continued technology and product innovation in data-driven customer insights, analytics and automation; and the acceleration of Trustpilot’s already strong growth in the US, Europe and Australia.
Trustpilot, founded in 2007 by Danish entrepreneur Peter Mühlmann, developed a platform that enables consumers and businesses to build greater two-way trust online. It now hosts more than 34 million consumer reviews of more than 180,000 businesses, and these reviews are seen nearly 2 billion times each month.
The company has a run rate of of $50 million recurring revenue pa and 100% of Trustpilot’s revenues come from selling software as a service (SaaS). While many companies use the Trustpilot platform for free, a lot of companies pay for additional premium services such as automated invitation, review display and data insight services.
Trustpilot has previously raised capital from Vitruvian Partners, DFJ Esprit, Index Ventures, Northzone and SEED Capital Denmark.