As Trustpilot nears 7 million reviews, this morning they picked up a €10 million funding round led by Index Ventures and joined by existing investors SEED Capital Denmark and Northzone. The company was founded in 2007 and we last covered them a little over a year ago when they raised €3.3 million from SEED Capital and Northzone. At that time they had 5.4 million reviews for 81,000 businesses, compared to their 6.9 million from 100,000 merchants today.
The Danish review portal allows businesses to request reviews after a sale, engaging customers and ensuring quality service. Each review is connected to an order number, making sure reviewers are actual customers and helping businesses pinpoint customer satisfaction problems. Trustpilot has also shown that displaying reviews can increase conversion rates by more than 20%, providing additional value for businesses.
Their “Lite” plan runs $99/month for up to 300 orders, while the pricing of bigger plans is found by contacting them for more information.
Ben Holmes, partner at Index Ventures said in a press release, “The Trustpilot concept is a brilliant one which creates substantial value both for merchants who wish to highlight their service credentials and for consumers who want to identify trustworthy service providers in an increasingly crowded online world. The Company has executed the vision excellently and established a strong position in multiple geographies. We are delighted to be joining that Company as an investor and look forward to help them grow the Global leader in this category.”
Today they have over 100 employees and are developing positions in UK, France, Germany, Netherlands, and Italy. Trustpilot is just starting to enter the US, which is obviously an important market for ecommerce reviews.