Trustpilot said on Tuesday it has secured a $55m funding round as the consumer review website boosts investment in marketing, technology and staff.
The Series E fundraising was led by Sunley House Capital Management and included participation from Draper Espirit, which invested $25m in the Danish company five years ago. Existing shareholders Vitruvian Partners, Index Ventures and Northzone also made new investments.
Trustpilot’s total funding now stands at $173m. It said it plans to use the latest funding round to “strengthen its market leading position through investment in marketing, its technology platform and people and accelerate its drive to set new standards for transparency in the review space.”
Seen more than 3.5bn times each month, the website was founded in Copenhagen in 2007 and now has over 700 employees. The site allows users to place reviews of businesses across the world, and has published more than 58m reviews on over 265,000 companies in 150 countries.
Last month, TrustPilot announced plans to let consumers detect when companies try and remove or hide comments deemed negative. These plans include letting customers see how many complaints had been deleted, following concern that TrustPilot’s system could be manipulated by companies looking to boost sales by having a high rank review online.
Chief executive Peter Mühlmann cited the company’s attempt at boosting readers’ trust in its reviews as having influenced the investment, adding that the group had developed “an algorithm which can weed out fakes.”
The company’s revenue is mostly generated from selling software to businesses that pay to display their review scores online.
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