Trustpilot - Go-to-market/venture capital/org chart

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Company Profile - Trust Pilot: Go-to-Market

Trustpilot has seen success in the United States and abroad. This has been proven by their customers located in 65 countries and a strong following in Denmark, the UK, France, Germany, the Netherlands and the United States. Trustpilot is a private company, so their GTM strategy is not fully revealed. However, some of their American-based plans are available, including information on the office in Denver that was opened in 2016. Below, there is a short overview of the company along with an explanation of their GTM strategy based on available information.


Trustpilot was started in Denmark in 2007 by Peter Muhlmann. The goal of the company was to enable customers to post reviews about products and services they have used in an online community. There are currently customers from over 65 countries. Their first US office was established in New York in 2013, where they were subsequently named one of the Best Places to Work in New York City in 2014. Trustpilot also has offices in Copenhagen, London, Melbourne, and Berlin. As of 2017, Trustpilot was receiving 70 million visitors per year, and their online reviews were being seen 1.5 billion times per month worldwide. Their success was also shown by their customer retention rate of 95%. In Canada, Trustpilot owns 2% of the market share and is in the top 10 of 65 total Online Review Management technologies in the country.

North American gtm strategies

The two main customer groups of Trustpilot are consumers and businesses. Consumers are individuals who post reviews about businesses for others to see, and businesses use Trustpilot to obtain and monitor reviews about themselves. They offer five value propositions, which are accessibility, customization, performance, risk reduction, and brand/status.

Accessibility is created by allowing consumers to post for free and businesses are to set up a free profile. Customization is done by the creation of region-specific websites for Denmark, France, Germany, the UK, and the US. Performance is demonstrated by the fact that Bing and Google's use of Trustpilot increased click-through rates by 17% on average. Another example of performance is when digital agency High Position saw sales increase by 58% once they used Trustpilot's TrustBox widgets. To reduce risk, the company creates transparency and checks for accuracy. Proof of purchase is required before a review is published to ensure authentic feedback. Brand/status is shown by the facts in the overview that reveal the company's success.

BUYER Channels

The main channel used by Trustpilot is its website, but social media is used to promote the company as well. Their only revenue stream is the subscription fee charged to businesses for access to enhanced services, but there are three specific plans. They are Lite ($599/month), Pro, and Enterprise. Pro and Enterprise pricing is based on a direct quote. Businesses from all industries are eligible to use Trustpilot, and their clients range from global enterprises to e-commerce retailers.

Investments and Future opportunities

In May 2015, Trustpilot raised $73.5 million in a Series D investment round led by private equity firm Vitruvian Partners. The money was used to fund their rapid international growth, which included the United States. They invested in more people, processes, and technology to strengthen their trust, transparency, and customer success. In the New York office, they planned to double the number of employees and have them specialize in roles other than sales, which is what the office was primarily used for. New roles included software development, accounting, and marketing.

By 2016, they were looking to establish a presence in the western United States, and they looked at Austin, TX, Seattle, WA, Salt Lake City, UT, Denver, CO, and San Francisco, CA. They eventually chose Denver due to its growing technology industry, reputation as a hub of innovation, and strong local talent pool. The office was opened on May 1, 2016, with the goal of driving customer sales in the region. They also increased their U.S. workforce by 20% in 2016. To make the Denver office more formidable, Scott Ward was hired as Vice President of Sales in the office in June 2016. His duties are to develop, execute, and oversee the internal sales processes and business development initiatives.


In conclusion, Trustpilot has attempted to create a greater presence in the United States by expanding their older office in New York and creating a new one in Denver. They have been very successful worldwide, but a breakthrough into North America would lead to a much greater revenue and attract many more customers.
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Company Profile - Trust Pilot: Venture Capital Investments

Trustpilot's venture capital investments include Northzone, SEED Capital, Index Ventures, DFJ, DFJ Esprit (rebranded as Draper Esprit in 2015), Vitruvian Partners, and Silicon Valley Bank. These investments took place between 2011 and 2017 and all involved investments in the Trustpilot company. After extensively researching company and financial websites, blogs, and news articles, we found no available data regarding Trustpilot's investment in other companies. Their Crunchbase profile and press releases on their website further suggest that Trustpilot has not invested in other companies, as only information on companies investing in TrustPilot was detailed.


In 2011, Northzone and SEED Capital invested $4.5M in Trustpilot (venture round, series unknown). Trustpilot planned "to use the funds to expand in Europe, primarily in the UK and the Nordic countries."

In 2012, Index Ventures and Northzone invested a total of $13M in Trustpilot (venture round, series unknown).

In 2014, Trustpilot raised $25M in a Series C investment round "led by DFJ Esprit in London and DFJ in Menlo Park, [California] with participation from all existing investors: Index Ventures, Northzone and SEED Capital."

In 2015, Trustpilot raised $73.5M in a Series D investment round. The lead investor was Vitruvian Partners. Other significant investors were Index Ventures, Northzone, SEED Capital, and DJF Esprit. Trustpilot intended "to use this funding to continue its rapid growth in North America and globally, investing even more in the processes, people and technology to help strengthen its leading position as the online standard for brands that want to increase trust, transparency and customer success."

In 2017, Draper Esprit invested $6.9M (€6.5M) in Trustpilot (venture round, series unknown). The investment doubled Draper Esprit's equity stake in Trustpilot, "bring[ing] its total investment to £11 million (€12.6 million)."

In 2017, Silicon Valley Bank invested $20M in Trustpilot (venture round, series unknown). Trustpilot planned to use the funds to "support continued technology and product innovation in data-driven customer insights, analytics and automation; and the acceleration of Trustpilot’s already strong growth in the US, Europe and Australia."


DFJ (Draper Fisher Jurvetson): DFJ is "an American venture capital firm focused on early- and growth-stage investments in enterprise, consumer and disruptive technologies." It is considered "one of the top investors of billion-dollar startups."

DFJ Esprit: Rebranded as Draper Esprit in 2015, DFJ Esprit was established in 2006 "with a mission to back Europe's most ambitious entrepreneurs" by investing in "visionary and growing companies" including "late stage tech companies" and "entire venture capital portfolios."

Northzone: As a technology investment partner founded in 1996, Northzone "has invested in over 120 companies," primarily those considered to be "disruptive companies in attractive markets."

Index Ventures: As "an international venture capital firm with dual headquarters in San Francisco and London," Index Ventures invests in "technology-enabled companies with a focus on e-commerce, fintech, gaming, enterprise software, productivity, and security."

SEED Capital: Based in Denmark, SEED Capital is "a venture capital firm specializing in incubation, pre-seed, seed/start-up, and early stage investments." The firm "prefers to invest" in companies in the following sectors: biotechnology, life science, medical technology, and information and communication technology.

Silicon Valley Bank: As "the only bank in the [United Kingdom] focused solely on the innovation economy," Silicon Valley Bank aims to "help build business at every stage."

Vitruvian Partners: As "an independent European private equity firm," Vitruvian Partners invests in "dynamic situations, including buyouts and growth capital investments."


Venture capital investments in Trustpilot include Northzone, SEED Capital, Index Ventures, DFJ, DFJ Esprit, Vitruvian Partners, and Silicon Valley Bank. Funding rounds took place between 2011 and 2017 and ranged from $4.5M to $73.5M. Data regarding Trustpilot funding other companies is unavailable, which strongly suggests that Trustpilot has not invested in other companies.
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Trust Pilot - Organization Chart

Trustpilot's organizational structure includes twenty-one individual C-level executives who are currently working for the company across its various locations.

Below you will find a list of Trustpilot's C-level executives including their names, titles and tenure.


--- Peter Holten Muhlmann, Founder and CEO. He has occupied that position for 10 years and 9 months.

--- Don Ross, President of Americas. He has occupied this position for 1 year and 7 months.

--- Scott Ward, Vice President. He has served for 2 years.

--- Anne-Marie Finch, Senior Vice President, Global HR & Talent. She has served in the position for 3 years and 7 months.

--- Glenn Manoff, Senior Vice President Communications & Brand. He has occupied the position for 1 year and 8 months.

--- Stine Mangor Tornmark, Senior Vice President Legal & Compliance. She has occupied the position for 4 months.


--- Jan Bulow, CIO. He has served in the position for 2 years, since May 2016.


--- David Ferguson, COO. He has served in this position for 1 year.


--- Hanno Damm, CFO. He has served for 2 years.


--- Tony Carballo, Vice President for UK and Asia Pacific. He and has served for 8 months.

--- Rudy Martin, Vice President of Operations. He has served in the position for 3 years and 9 months.

--- Amy Elbaum Kramer, Vice President of Global Business Operations. She has served in the position for 6 months.

--- Tonni Buur, Vice President of Global Support. He and has occupied this position for 3 years and 5 months.

--- Jonatan Borges, Vice President, Financial Planning & Analysis. He has served for 4 months.

--- Evgenia Zorina, Vice President of Business Systems. She has occupied the position for 1 year and 4 months.

--- Martin Murbeck, Vice President of Retention Sales & Customer Success. He has served for 5 years, 6 months.

--- Rene' Wagtberg Brodersen, Vice President of Global Accounting & Tax. He has served for 1 year and 4 months.

--- Sabina Notkin, Vice President of Tech Employee Experience. She has served in this position for 2 years and 10 months.

--- Brian Trinhammer Seiling, Vice President of Sales Continental Europe & ROW. He has occupied this position for 2 years and 1 month.

--- Niklas Stephenson, Vice President of Growth. He has served in the position for 1 year and 7 months.

--- Martin Buberl, Vice President of Engineering. He has served for 4 months.


Trustpilot's high level management consists of twenty-one executives. We have listed their names, titles, and tenure, including links to their LinkedIn profile pages to further support their current work position.

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