Investment Case

A symbol of trust

Our mission is to be globally the most trusted and used online review brand. Empowering consumers to make confident, informed purchasing decisions while allowing businesses to fill the trust gap by demonstrating the quality of their services and to gain actionable insights to improve it.

A leading open, collaborative platform

We collect trusted experiences from consumers all over the world and gather them on a free to use, open and collaborative platform. As more people use the platform, the content becomes increasingly useful to consumers and businesses alike.

Businesses display their Trustpilot star rating on their websites and other marketing materials, and you have probably been invited to share your customer experience with a company on Trustpilot.

As a result, we have a highly recognizable consumer brand and Trustpilot is among the most-visited websites in the world.

70% of global consumers believe that review censorship is a serious concern *

* Canvas8 Report 2020

Trust and Transparency

For us to achieve our mission to become the universal symbol of trust, we strive to ensure that the content displayed to consumers and businesses on the Trustpilot platform is reliable. We do this through continued investment in sophisticated systems and technology, combined with our dedicated team of specialist agents and investigators who support Trustpilot’s focus on trust and transparency. In 2023, we removed 3.3 million fake reviews, with around 79% of these automatically removed via our sophisticated fraud detection technology.

Strong network effects and high barriers to entry

As more consumers use Trustpilot to review more businesses, more domains and businesses are added to the platform. More businesses claim their profiles, and over time become our customers. In 2023, around 15 thousand businesses added to Trustpilot every month, which drives more consumer reviews on Trustpilot. A crucial driver of this effect is our >116 thousand active domains, which allows us to reap the benefits of a marketing budget far beyond our own.

This viral network effect is strengthening our brand and position, driving organic growth, and creating high barriers to entry.

Large global market opportunity

Trustpilot seeks to be a category-defining business. We believe that every business needs a way to signal that they can be trusted. Just like the need for a marketing or payment suite, eCommerce or fulfilment, there is also a need for a trust layer. Trustpilot is helping to define this trust layer, aiding customers’ willingness to transact with businesses.

The future, theoretical long-term market opportunity for Trustpilot is estimated to be a large, underpenetrated total addressable market of $50 billion (excluding China, OC&C, 2021). As we drive adoption of the Trustpilot platform, we attract free users who build brand awareness for us. Over time, many of these businesses become paying customers.

Our modular product suite is designed to grow with these customers, providing them with more applications, features and functions. As they utilise the insight and value Trustpilot provides, businesses see a clear return on their investment through increased revenues and lower expenses.

Our technology delivers high-impact intelligence and insight

The strength of our technology and big-data ecosystem enables us to deliver high-impact business intelligence and insight, which our customers can use to increase revenue and reduce costs. Trustpilot provides a number of paid subscription modules for businesses, providing increasing levels of functionality and which are offered on a SaaS basis.

Customers that subscribe for Trustpilot’s paid products and services are able to showcase reviews from consumers in their own marketing materials, access actionable insights gleaned from Trustpilot’s big-data ecosystem, gain insights from Trustpilot’s proprietary data analytics software and benefit from automated review invitation capabilities. Combined, these services can help businesses raise their profile, build their own trust credentials and more effectively target potential customers.

Trustpilot seeks to provide a 'trust-layer' for the open commerce ecosystem

High growth and recurring revenue

Our business has experienced rapid growth over recent years, and the high retention rates we achieve on our software subscriptions business mean that most of the current year’s revenue is derived from customers who subscribed for the services in previous years. We have been able to increase retention rates in recent years and believe we can make further progress.

We became profitable and delivered positive free cash flow in 2023, demonstrating a disciplined approach to costs and the operating leverage within our financial model. We intend to continue to invest to drive adoption and to scale our platform, and we are committed to developing a significant innovation pipeline in coming years.

We see multiple avenues for future growth, including accelerating viral network effects, capitalizing on the upsell and cross-sell opportunities within our customer base, regional expansion and the introduction of new products and services.

Purpose-driven business

We are a purpose-driven business. Our stakeholders include consumers, businesses, our employees and shareholders. We create value for our stakeholders and in turn, our stakeholders are fundamental to our success.

  • Consumers need to be better informed. Trustpilot gives ordinary people a chance to be heard by the businesses that shape their world — and ultimately have better experiences. As a consumer, your voice matters.

  • Businesses use the insights that Trustpilot provides to learn from their customers, improve, and showcase their rating. This can increase traffic to their sites, increase conversion and revenue, and reduce marketing expenses. This, in turn, drives more consumers, generating more reviews. This self-reinforcing cycle is what we refer to as a powerful viral network effect, which is a core driver of our organic growth.

  • Trustpilot’s employees are helping to build a truly purpose-driven business, with the singular ambition of solving the problem of trust online. We have a shared belief that we are doing something meaningful, that will create a better world.

  • Shareholders are supporting our investment in sophisticated technology to scale and safeguard our platform, which helps to protect the integrity of its content. Over many years we’ve established the right infrastructure and team to deliver on our ambitions for trust and transparency.

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