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.
Trustpilot, a rating service for online shopping, announced it has received €3.3 million in funding from two Nordic venture funds – SEED Capital and Northzone. The company allows a user to look at a single metric to see if they will probably have a pleasurable shopping experience. Aside from the value it provides between customers, the service is also helpful for online businesses to communicate their strong customer service by adding independent reviews to their site.
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.