Trustpilot

Trustpilot is a Danish consumer-review platform founded in 2007 by Peter Holten Mühlmann. Its website allows people to publish reviews of businesses and enables companies to invite customers to provide feedback, respond publicly, analyze review data, and use selected reviews in marketing. The company operates a freemium model: basic access to the review ecosystem is available without charge, while businesses can subscribe to tools for review collection, management, analytics, and display. Mühlmann began developing the business while studying at Aarhus University’s School of Business and Social Sciences. After early venture funding between 2008 and 2010, Trustpilot received backing from SEED Capital Denmark and Northzone in 2011. Index Ventures joined those investors in a 2012 Series B round, providing capital for international expansion. The company subsequently established offices in New York and London in 2013 and pursued the United States and other international markets as important growth opportunities. Trustpilot expanded its visibility among digital-commerce businesses during the 2010s. Its review data was incorporated into Google’s product-rating initiatives in several European markets, while additional institutional investment supported expansion and product development. By the end of 2014, the company reported a workforce of 325 people and substantial growth in monthly review submissions. A further funding round in 2015 was led by Vitruvian Partners and included existing investors. The platform’s central proposition is that open, searchable feedback can help consumers assess businesses and encourage companies to improve their customer experience. Trustpilot presents itself as an independent intermediary rather than as a review service controlled by the businesses being reviewed. At the same time, the commercial relationship between the platform and subscribing companies has created continuing scrutiny over moderation, review authenticity, and the treatment of negative feedback. Trustpilot has invested in automated and manual systems to identify suspected fraudulent content. The company reported removing millions of fake reviews, including content detected by fraud-protection software and material removed after manual investigation or user reports. Investigations and media reports have nevertheless alleged that some businesses attempted to manipulate ratings and that the platform’s subscription features could create incentives to favor positive material. Trustpilot has said it has a zero-tolerance approach to attempts to game its systems and has periodically clarified its review policies. The company became a public business when Trustpilot Group plc was listed on the London Stock Exchange in March 2021. Mühlmann announced his departure from the chief executive role in 2023 and moved to a non-executive board position; Adrian Blair became chief executive in July 2023. As of June 2025, the platform was described as hosting approximately 330 million reviews and serving about 60 million monthly active users, with roughly 1,000 employees. Trustpilot remains focused on combining consumer-generated content with paid software for business reputation management, customer feedback, and review-based marketing.

Trustpilot was established in Denmark in 2007 by Peter Holten Mühlmann, who was studying at Aarhus University when he began developing the business. The original concept was to create a public place where consumers could share experiences with companies and where businesses could respond to feedback. Mühlmann left university to build the company. The early business was financed through venture investment raised between 2008 and 2010. SEED Capital Denmark and Northzone provided an important capital injection in November 2011. In 2012, Index Ventures joined SEED Capital and Northzone in a Series B round. The financing was directed toward international growth, helping Trustpilot move beyond its Danish origins and develop a broader business-review network. Internationalization accelerated in 2013, when Trustpilot opened offices in New York and London. That year the company received recognition as Danish Startup of the Year at the European Startup Awards. In 2014, Draper Esprit, then known as DFJ Esprit, invested alongside existing backers. The funding supported the company’s effort to extend its online-retail review service into the United States. By the end of that year, Trustpilot had 325 employees and was receiving hundreds of thousands of new reviews each month. Trustpilot’s data also became relevant to wider digital-search and commerce ecosystems. In 2015, Google used data from Trustpilot and other European review providers in its product-rating initiative in Germany, the United Kingdom, and France. Trustpilot raised another institutional funding round that year, led by Vitruvian Partners, to support continued expansion. The company’s commercial model developed around a distinction between free and paid participation. Businesses could use basic functions to collect and respond to reviews, while paying customers could access more extensive tools for review invitations, analytics, monitoring, display, and marketing. The TrustBox family of tools allowed companies to place review content on their own websites and other customer-facing channels. The openness of the platform also produced a persistent governance challenge. Trustpilot has faced criticism over allegedly fake reviews, the possibility of businesses gaming ratings, and the commercial use of positive feedback. In one reported case involving Bizzyloans, suspected fake reviews were removed after an outside investigation brought them to the company’s attention. In 2017, Trustpilot issued an open letter explaining its review policy following questions about reviews of online estate agent Purplebricks. In 2019, reports alleged that Purplebricks and Foxtons had manipulated or encouraged favorable feedback. Trustpilot said it had identified attempts by businesses to game the system and maintained a zero-tolerance policy. Trustpilot has responded with a combination of user reporting, manual review, and automated fraud-detection systems. In 2020, the BBC reported that at least 2.2 million fake reviews had been removed. Later reporting cited a total of approximately 4.5 million removals by 2024, with most identified automatically. These enforcement efforts have been central to Trustpilot’s claims about authenticity, but have not eliminated public debate about moderation standards and the relationship between paid business accounts and review visibility. Trustpilot Group plc was listed on the London Stock Exchange in March 2021. In 2023, Mühlmann left the chief executive role and became a non-executive board member, while Adrian Blair became chief executive in July. By June 2025, Trustpilot was described as hosting around 330 million reviews and attracting approximately 60 million monthly active users. The company continues to operate internationally as a review platform and subscription software provider. Its current strategic tension remains balancing scale and commercial growth with the credibility, independence, and authenticity expected of a consumer-trust service.

• 2025

  Share buyback announced

  [1]Trustpiloten.wikipedia.org

  Trustpilot announces a buyback programme with a maximum stated value of £30 million.

• 2023

  Chief executive transition

  [1]Trustpiloten.wikipedia.org

  Founder Peter Holten Mühlmann leaves the chief executive position, and Adrian Blair becomes chief executive in July.

• 2021

  London Stock Exchange listing

  [1]Trustpiloten.wikipedia.org

  Trustpilot Group plc becomes publicly listed in London under the ticker TRST.

• 2015

  Series D financing and Google product-rating integration

  [1]Trustpiloten.wikipedia.org

  Vitruvian Partners leads a new funding round, while Google uses Trustpilot data in product ratings in several European markets.

• 2014

  U.S. expansion funding

  [1]Trustpiloten.wikipedia.org

  Draper Esprit invests alongside existing shareholders to support expansion of Trustpilot’s review service in the United States.

• 2013

  New York and London offices open

  [1]Trustpiloten.wikipedia.org

  Trustpilot establishes offices in two major international markets and receives Danish startup recognition.

• 2012

  Series B supports international growth

  [1]Trustpiloten.wikipedia.org

  Index Ventures joins SEED Capital Denmark and Northzone in financing intended to accelerate international development.

• 2011

  Early institutional investment

  [1]Trustpiloten.wikipedia.org

  SEED Capital Denmark and Northzone provide a significant capital injection as Trustpilot prepares for broader expansion.

• 2007

  Trustpilot is founded in Denmark

  [1]Trustpiloten.wikipedia.org

  Peter Holten Mühlmann establishes Trustpilot while leaving university to develop the consumer-review business.

Trustpilot positions itself as an independent, transparent review intermediary that helps consumers make decisions and helps businesses collect, manage, analyze, and display customer feedback. Its freemium structure combines a publicly accessible review platform with paid software and marketing services for businesses.

• Consumer review platform · 2007

  Trustpilot review platform

  The public-facing Trustpilot platform allows consumers to search for businesses, read ratings and written reviews, and submit their own experiences. Reviews cover businesses across many sectors and countries. The platform’s value depends on the breadth of its database, the visibility of consumer feedback, and systems intended to detect and remove fraudulent or misleading content.

• Business software

  Business review collection and management

  Trustpilot offers businesses tools to invite customers to review them, monitor incoming feedback, respond publicly, and manage review workflows. Basic participation is available on a freemium basis, while subscription customers receive broader capabilities for collecting and organizing customer feedback.

• Marketing and review-display tools

  TrustBox

  TrustBox is a set of display tools that enables businesses to place selected Trustpilot ratings and review content on websites and other marketing surfaces. The product is intended to communicate social proof and support conversion, but its filtering and presentation functions have also contributed to criticism about whether companies can emphasize favorable feedback.

• Content integrity service

  Fraud detection and review moderation

  Trustpilot uses automated systems, manual investigation, and reports from users and businesses to identify suspected fake reviews. The company has described removing millions of reviews through these processes. Fraud detection is a core operational capability because the credibility of the platform depends on limiting coordinated manipulation and fabricated customer experiences.

• 2026

  Italian competition authority enforcement action

  The Italian Competition Authority fined Trustpilot over allegations that it misled customers about how its services worked and did not adequately verify review authenticity. Trustpilot said it intended to appeal.

  Source

• 2024

  Continued scrutiny of review authenticity

  Trustpilot was reported to have removed approximately 4.5 million fake reviews by 2024, with about 90 percent identified through artificial-intelligence-based tools. The figures highlighted both the scale of the moderation effort and the continuing challenge of fraudulent content.

  Source

• 2020

  Removal of millions of suspected fake reviews

  The BBC reported that Trustpilot had removed at least 2.2 million fake reviews, including reviews detected by software and those removed manually. The scale of the removals intensified debate about the reliability of online review platforms.

  Source

• 2019

  Allegations of estate-agent review gaming

  The Times reported allegations that Purplebricks and Foxtons had been gaming Trustpilot feedback. Trustpilot said it had found evidence of attempts by some companies to manipulate the system and maintained a zero-tolerance policy.

  Source

• 2017

  Review-policy controversy involving Purplebricks

  Trustpilot issued an open letter clarifying its review policy after allegations concerning the validity of reviews posted about online estate agent Purplebricks.

  Source

Read more

• 2025

  Approve a share buyback programmeOther

  Background

  Trustpilot announced a capital-allocation initiative after becoming a listed company.

  Action taken

  The company announced a share buyback programme with a maximum value of £30 million.

  Aftermath

  The announcement signaled an intention to return capital to shareholders, although the referenced material does not establish the programme’s final execution or effect.

  Maximum announced share buyback value. Up to £30 million (Announced September 2025)

  Source

• 2023

  Change chief executiveOther

  Background

  Founder Peter Holten Mühlmann announced his resignation from the chief executive role.

  Action taken

  Mühlmann moved to a non-executive board position and Adrian Blair became chief executive in July.

  Aftermath

  The transition moved day-to-day leadership from the founder to a successor while preserving Mühlmann’s connection with the board.

  Source

• 2021

  Become a publicly listed companyStrategy

  Background

  After years of venture-backed expansion, Trustpilot sought access to public capital and a public-market structure.

  Action taken

  Trustpilot Group plc listed on the London Stock Exchange under the ticker TRST.

  Aftermath

  The listing made Trustpilot a public company and increased disclosure and governance requirements.

  Source

• 2013

  Accelerate international expansionStrategy

  Background

  Trustpilot used venture financing and its growing review network to expand beyond Denmark into major English-speaking markets.

  Action taken

  The company opened offices in New York and London and increased its focus on international online retail and business-review activity.

  Aftermath

  The move established a foundation for Trustpilot’s later global operating model and U.S. growth ambitions.

  Source

• 2025

  Trustpilot announces a share buyback programme[1]Trustpiloten.wikipedia.org

  Other

  The company announced a share buyback programme with a stated maximum value of £30 million.

• 2023

  Trustpilot founder steps down as chief executive[1]Trustpiloten.wikipedia.org

  Leadership change

  Peter Holten Mühlmann announced his resignation as chief executive and moved toward a non-executive board role. Adrian Blair succeeded him as chief executive in July.

• 2021

  Trustpilot lists on the London Stock Exchange[1]Trustpiloten.wikipedia.org

  Other

  Trustpilot Group plc became a publicly listed company in London.

• 2015

  Google incorporates Trustpilot data into European product ratings[1]Trustpiloten.wikipedia.org

  Other

  Trustpilot was among the European third-party review platforms whose data was used in Google’s product-rating initiative in Germany, the United Kingdom, and France.

• 2013

  Trustpilot opens offices in New York and London[1]Trustpiloten.wikipedia.org

  Other

  The company expanded its international presence by establishing offices in the United States and the United Kingdom.

1. 1Trustpiloten.wikipedia.org
2. 2Trustpilot official websitetrustpilot.com
3. 3BMF partners with Trustpilot to promote customer engagementbuildersmerchantsnews.co.uk
4. 4signNow partners with Trustpilot to encourage transparency and better decision-making when choosing the right e-signature provider.prweb.com
5. 5Trustpilot prices IPO shares as it begins trading on LSEthemarketreporter.co.uk