Draper Esprit (AIM: GROW, ESM: GRW), a leading venture capital firm involved in the creation, funding and development of high-growth digital technology businesses, today announces that it has doubled its equity stake in TrustPilot (“the Company”), investing a further $6.9 million (£5.5 million).
Draper Esprit first invested in Trustpilot in 2013, with a follow on investment in 2015 and including this current investment, has now invested £11 million.
Founded in 2007, Trustpilot is a global, multi-language review community. Trustpilot has customers in 65 countries including Denmark, Sweden, the U.K., France, Italy, Germany, the Netherlands and the U.S. Trustpilot has offices in New York, London, Denver, Copenhagen and Melbourne.
Consumers visit the Trustpilot website to leave positive or negative reviews about an online merchant where they purchased a product or service. Merchants are then able to respond directly and openly with consumers who have left reviews. Merchants may embed the Trustpilot widget onto their site in order to highlight their ratings amongst customers, and can opt into having starred reviews showing up on ad-words when a customer searches for that merchant. Reviews help drive increased customer traffic and improve conversion significantly.
Simon Cook, CEO Draper Esprit commented: “Trustpilot has built a strong SaaS revenue model with excellent growth in Europe and the USA over the last three years. Their aim is to build the world’s single most trusted review brand and we are committed to helping them achieve this.”