COPENHAGEN – April 23, 2015 – Trustpilot A/S today announced financial results for the fiscal year ended December 31, 2014.
In 2014, Trustpilot experienced an 80 percent increase in revenue growth, while the total number of employees rose 87 percent from 2013. The continued success stems from an ambitious global growth strategy, focused especially on the U.S. and Great Britain.
“We have in 2014 accelerated our global growth through investments and expansion into new markets, and it is very positive that those efforts are reflected in our revenue. Above all, this year we proved that we can take the leap across the Atlantic successfully,” says Trustpilot CFO, Ulrik Feldstedt Hjorth.
Strong investors backing global expansion
At the beginning of 2014, Trustpilot received $25m in Series C funding. The latest deal round was led by DFJ Esprit in London and Skype backers DFJ in Menlo Park, Calif. with participation from all existing investors; Index Ventures, Northzone and Seed Capital. It was the largest round of venture capital funding in Denmark, in recent years.
During 2014, Trustpilot expanded its offices in New York and London and moved to a larger location in the heart of Copenhagen. The ambitious growth strategy resulted in a planned deficit of -92.1m DKK for 2014.
“Right now our focus is on building the organization while at the same dedicating resources to securing trust and transparency, which is vital for continued success. We will continue to expand globally, so we can reach our goal of being the world’s leading review platform. It is a process, but we are certainly on the right track,” says Ulrik Feldstedt Hjorth.
During the last year, Trustpilot saw a 50 percent increase in new customer reviews per month, and today there are almost 13m reviews worldwide. The employee base has also increased markedly, with more than 350 people currently working in Trustpilot’s four offices.