Copenhagen-based reviews platform Trustpilot has landed a $55 million funding round led by Sunley House Capital Management, with participation from existing investors Vitruvian Partners, Draper Esprit, Index Ventures, and Northzone. This Series E round brings the total amount raised by the company to more than $170 million.
Founded in 2007, Trustpilot allows users to review all sorts of services, from online stores to carpenters and plumbers to banks. The company stated that it now has more than 58 million reviews across 265,000 company domains from over 150 countries.
Trustpilot's revenue comes from additional services it sells to businesses. Those include automatic review invitations sent to customers, Trustpilot's widgets for websites and marketing activities, access to advanced stats and analytics, and so on.
The company plans to use the fresh capital to invest in marketing and technology, as well as hire more people. Trustpilot's CFO Hanno Damm also told CNBC that the company has “no plans to exit via an IPO or via other means at this time.”