TrustPilot, a Danish company review site, has closed 5.5 million Danish Kronor (almost 740 000 euros) in funding from SEED Capital. TrustPilot enables consumers to review and rate companies based on their experience and service they received. The site has half a million users on a monthly basis and the user base is constantly becoming more international. The business model is simple and almost obligatory for companies. With a monthly subscription, companies can engage in the reviews and comment back regarding individual reviews. The service has signed up more than a 1000 companies to date.
“We believe that Trustpilot is one of Denmark’s most interesting companies within ecommerce. They have a very strong consumer-led product and simultaneously offer a very relevant service to all companies engaging in commercial activity online. They have the potential to be the leading global brand for the measurement of consumer satisfaction online. “We’re looking forward to helping Trustpilot with their international expansion”, says Niels Vejrup Carlsen, Investment Director at SEED Capital.
“Right from the start, we’ve focused on growth and as a result we have a very strong position in Denmark. The investment from SEED Capital allows us to continue on that path with more product development and powerful expansion. This will be focused primarily on the UK and the Nordic countries where we can prove that we’re able to scale the service effectively”, declares Peter Holten Mühlmann, CEO and founder of Trustpilot.
The service seems to be indeed quite active and leverages an interesting business model. The model is similar to that of GetSatisfaction that never really built traction outside the US. If TrustPilot is able to take advantage of this, they'll be able to build one of the more interesting companies coming out from the region.
TrustPilot was founded in 2007 and currently boasts a whopping 3,6 million reviews of companies. The company employes 30 people and has just opened sales offices in the UK and Holland.