Making shopping experiences better for everyone
Peter Mühlmann

Trustpilot raises €10 million. This is how you will benefit from the investment

By on Wednesday, December 12th, 2012 in Announcements

I’m proud to announce that Trustpilot has received € 10 million in venture capital. Index Ventures and our existing investors, Northzone and SEED Capital have invested in our business and concept. Here’s what the investment will mean for companies and consumers.

Peter Mühlmann Trustpilot CEOToday is not just a big day for Trustpilot – consumers and companies focusing on customer service should celebrate as well. The € 10 million capital injection from Index Ventures, Northzone and SEED Capital is a major acknowledgement to Trustpilot’s business and concept. At the same time, it’s a big step towards becoming the global standard in customer reviews.

The money must be put to work in order to make Trustpilot even more useful for consumers and companies. The plan is ready and you will benefit from the investment in three ways:

Increased trust and usefulness for consumers

Trustpilot is a unique review platform in the sense that our active community is the turning point. Millions of consumers all over Europe turn to shared shopping experiences when choosing providers. A lot of them also choose to write reviews after they have shopped. When that happens, it’s because consumers have trust in Trustpilot and the company evaluations match the experience they will get afterwards. It’s precisely that trust which has allowed Trustpilot to reach its current level of success, and it may be even more important going forward. That’s why we will invest in building up Trustpilot in a way that makes the review platform even more trustworthy and useful.

Improved self-serviced technology for companies

A part of the investment is dedicated to improving the technology. We will continuously work on scaling our systems for future growth. In addition, we will invest in making Trustpilot even easier to use for the many companies that use Trustpilot for collecting and sharing reviews. We are going to focus on improved and user-friendly self-service, so companies can get the most of the product and use new features whenever they want to.

Increased international growth

Today, Trustpilot employs more than 100 people from more than 20 different nationalities. In a year from now, we will probably be twice as many. We are currently present in 18 countries, but our ambitions do not end there. Backed by our investors, we can reach out to even more markets. Naturally, that’s a benefit for companies with multinational activities. But, as more people get to know about Trustpilot, it will have a positive impact on overall trust, when consumers read reviews.

You can read more about the investment in our press releases in English, German, French, Swedish and Dutch.

This is what the master plan looks like, and I’m confident that an exciting journey is awaiting. Perhaps you want or know somebody who wants to go on that journey with us? Right now, we have several open positions at our headquarters in central Copenhagen.

Updated Dec. 13th 2012:
The investment is covered by media around the world. Here’s some selected articles:

Speak your mind!

  1. Det er godt gået! Tillykke fra en glad bruger af jeres business product. Jydsk Emblem Fabrik A/S

    /René Bygballe
    Salg & marketing

  2. nolingo says:

    Wohhaaa! Congratulations well done. Love your service. /P

  3. Nevil says:

    If you’re using this capital to lower the monthly prices for businesses, great!

    Please remember, some other review company’s are 5x times cheaper, and has almost the same functionalities. There’s no reason to charge 80 dollars a month for a small business, if your service doesn’t outweigh the same service that I can get for 15 somewhere else.

  4. LoanSearch says:

    The world of online reviews has had a bad rap, with one main issue being that reviews can be gamed fairly easily with fake complimentary (or critical) posts; another issue is reviews can simply be edited to suit the goals of the company asking for reviews in the first place.

  5. Isabella Lo says:

    Dear Peter,

    Well done! And well deserved.

    There’s no doubt that I admire and appreciate the concept of Trustpilot. Yet I will challenge you here with your ambition of “becoming the global standard in customer reviews.”

    Customer reviews are meaningful. For customers, it’s an emotional release. For merchants, they know how they’re doing.

    But I suggest you to go one step further.

    Customer s have the platform to review is step one. Ultimately it should lead to enhancement and improvement of the service standard.

    And how can TrustPilot do that?

    – Instead of selling announcement cm, sell business intelligence. Since all reveiws are transparent, there’s no industrial secrets there. But how to collect, analysis and utilize those reviews? If Trustpilot has tools to datamine those and categorize them into useful info to merchants, don’t you think this will add value to many businesses?
    – instead of selling abbonnement and thus differentiate merchants into paying and not paying, everybody is free. But you sell “How to do 1st class customer service”, training, courses, handbook, online assistance & advisory, reputation management, crisis management, etc. (You did a good job yourself. But not many realise that and even less master the art.)

    In short, I would say the significance/mission/why of TrustPilot should be – to raise the bar for customer service for …

  6. Greg says:

    My experience with Trustpilot is that they encourage companies to post false reviews. After giving their support team precise information concerning a company doing this, Trustpilot has done nothing, leaving me the impression that revenue and a gullible public is their main aim.

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