|[January 13, 2014]
Trustpilot Secures $25 Million Funding to Accelerate Growth
NEW YORK & LONDON & COPENHAGEN, Denmark --(Business Wire)--
the leading review community for online shoppers, today announces it has
raised $25m in Series C financing. This comes following 117 per cent
growth in its consumer reviewer base with over five million online
shoppers now posting reviews on Trustpilot. Global expansion also led to
new offices in New York and London.
The latest $25m deal round was led by DFJ
Esprit in London and DFJ in Menlo Park, Calif. with participation
from all existing investors; Index
Capital. DFJ was an early investor in Skype (News - Alert), which was co-founded by
a Danish entrepreneur, Janus Friis.
With consumers increasingly looking to friends
and peers for guidance on purchasing decisions, Trustpilot provides
companies with the tools and technology necessary for efficiently
integrating reviews as part of their communication with customers.
Commenting on the deal, DFJ Esprit partner Krishna Visvanathan said:
"DFJ Esprit and DFJ are excited to be leading this investment and to be
supporting Trustpilot and its impressive team as they accelerate their
American business and operations from a strong European base. Trustpilot
has created a solid concept for establishing a global platform for
trusted shopping reviews to the benefit of millions of consumers that
yearn for great online retail experiences. We see strong potential for
Trustpilot to become the global de facto standard in company reviews."
Trustpilot now provides over 70,000 ecommerce businesses with
TrustScores based on more than six million reviews, adding 2,000 new
merchants and over 300,000 new consumers to the Trustpilot community
every month. Trustpilot's business customers include Travelocity,
Watches and ebookers
and it is a key provider of reviews to Google (News - Alert) Shopping and Google's
Seller Rating program.
Peter Holten Mühlmann, Trustpilot's CEO and founder, comments:
"The consumer has more power than ever to make or break a business and
the impact of online reviews is disrupting the way companies think about
communication. Businesses can no longer hide behind glossy content and
fancy words, it's all about how companies can build trust and manage
reputation in a transparent way.
"Trustpilot's unique technology links each consumer review directly to
the purchase transaction. Combined with our intelligent fraud detection,
the quality of the reviews on the Trustpilot platform is unsurpassed.
This new investment will enable us to expand to new markets and continue
to improve the power and potential of online reviews for consumers and
our business customers."
Originally founded in 2007, Trustpilot currently has 160 employees
across Copenhagen, London and New York. Peter Mühlmann was recently
Entrepreneur of the Year by Ernst & Young and Trustpilot was awarded
2013 winner of the 'Danish start-up of the year' at the Next Web Start
up European Awards.
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