Trustpilot Surpasses $100 Million in Annual Recurring Revenue
Company has achieved a compound annual revenue growth rate in excess of 30% since 2013
Trustpilot, a leading online reviews platform, announced it 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% 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% 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% from FY2013 to FY2019. Trustpilot’s ‘freemium’ software is designed to help businesses automate review invitations and insight gathering; grow brand trust; achieve quantifiable eCommerce growth; and integrate reviews with other leading digital and eCommerce platforms.
Trustpilot is in the top 1% of most visited websites in the world. Consumers wrote 2.7 million reviews on Trustpilot in September 2020. Businesses can showcase their reviews via Trustpilot branded widgets on their website as well as their online and offline marketing materials.
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Since it was founded, Trustpilot has raised $173 million from Sunley House Capital Management (an affiliate of global private equity firm Advent International), Vitruvian Partners, Draper Esprit, Index Ventures, Northzone, and Seed 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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