'Behind every review is an experience that matters', reads the slogan of the danish-founded reviews platform, Trustpilot.
And through its 13 years of existence, Trustpilot has now announced that the company has surpassed $100 million in annual recurring revenue (ARR) in the third quarter of 2020.
This is generated from the more than 19 000 businesses who subscribe to its software as a service (SaaS).
In total, Trustpilot hosts more than 100 million reviews of more than 400 000 businesses and websites worldwide.
“Reviews are second only to family and friends as the most trusted source of information about businesses, with 89 percent of consumers saying they check online reviews before making a purchase,” said Peter Mühlmann, founder and CEO of Trustpilot.
“Covid has accelerated eCommerce growth by as much as 50 percent in some areas. I believe the need for trusted consumer reviews from a trusted source is critical for every company.”
Trustpilot has experienced a compound annual revenue growth rate in excess of 30 percent from 2013 to 2019.
Trustpilot’s ‘freemium’ software is designed to mainly help businesses automate review invitations and insight gathering, and integrate reviews with other leading digital and eCommerce platforms.
Trustpilot is in the top 1 percent of most visited websites in the world. Consumers wrote 2.7 million reviews on Trustpilot in September 2020.
Since Trustpilot was founded in 2007, the company has raised $173 million from the affiliate of global private equity firm Advent International; Sunley House Capital Management, and Vitruvian Partners, Draper Esprit, Index Ventures, Northzone, and Saeed Capital to fuel its mission and growth.
The company has valuable partnerships and integrations with PayPal, BigCommerce, Yext, Magento, PrestaShop, Shopify, WooCommerce, Sprinklr, and Zendesk, amongst others.
As Trustpilot has grown, its global footprint has as well. The company has recently opened an office in Edinburgh, dedicated to data science and engineering.
Other offices include London, New York, Vilnius, Denver, Melbourne, and Copenhagen where its corporate headquarters are located.
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