September 28, 2017 – London – New York – Copenhagen – Trustpilot, the leading independent online review platform for business and consumers, today announced that it has secured $20 million in new financing from Silicon Valley Bank (SVB), a leader in helping innovative businesses move bold ideas forward.
The additional funds will help Trustpilot, an international SaaS company, accelerate its rapid growth and expansion as it marches toward its goal 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.
The Trustpilot review platform 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. Every two seconds, a consumer leaves a new review on Trustpilot.com.
“We’re growing fast because every day we demonstrate the great value that’s created by enabling consumers to share how they feel about the companies they buy from and companies to share that feedback publicly,” said Trustpilot founder and CEO Peter Muhlmann. “We have earmarked the additional capital to invest in accelerating our already strong growth and in new product and data capabilities. Silicon Valley Bank has a proven track record of supporting companies like us so they’re a great partner.”
Andrew Parker, Vice President at Silicon Valley Bank’s UK Branch, said: “We are delighted to support Trustpilot in its incredibly exciting expansion story. At Silicon Valley Bank, we love businesses that solve real problems, create value and lead their market. Trustpilot is doing just that for its consumer and business users.”
Erin Platts, Head of Commercial Banking at Silicon Valley Bank’s UK Branch, added: “Trustpilot’s brand is exceptional – a true example of how to scale a business globally and at speed. Its customer adoption is very impressive and a real testament to the business and culture the management team have built. We are hugely excited to be part of the story.”
Notes to Editors
- Trustpilot was founded in 2007 by Danish entrepreneur Peter Mühlmann.
- The company currently has run rate of of $50 million recurring revenue pa.
- 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 review display and data insight services.
- Trustpilot operates / sells its services mainly in the US and European markets.
- Trustpilot has previously raised capital from Vitruvian Partners, DFJ Esprit, Index Ventures, Northzone and SEED Capital Denmark.
At Trustpilot, our purpose is to make the Internet economy more transparent by helping consumers make better purchasing choices and businesses showcase and improve their service. Our independent online review platform is built with this purpose in mind: any consumer can review any business and any business can invite customer reviews. Every business with reviews has a public profile page on the Trustpilot site and many choose to display the latest Trustpilot review content and their aggregated ‘Trustscore’ on their own website. With more than 34 million reviews of over 180,000 businesses from a variety of industries worldwide Trustpilot is quickly becoming the world’s leading independent review site. Trustpilot reviews are seen nearly 2 billion times each month by consumers worldwide. With offices in Copenhagen, London, New York, Denver, Berlin, Melbourne and Vilnius, Trustpilot's 550 employees represent more than 40 different nationalities. For more information, visit https://www.trustpilot.com/
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses, enterprises and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. The UK's leading technology and life science businesses, in all stages of development, look to SVB’s niche expertise, 30 years of experience and unparalleled network, as they grow at home and tackle new markets abroad. Learn more at svb.com/uk
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