Reviews website Trustpilot mulls £800m London float
Business review platform Trustpilot is muling plans involving a London flotation that could take place as early as next year.
The Copenhagen-based firm is understood this week to have held talks with a number of investment banks about plans for a debut on the London Stock Exchange, Sky News first reported.
A spokesperson for Trustpilot told City A.M: “We maintain regular contact with various potential investors and advisors,” adding that the company has “consistently said an [initial public offering] is one of various potential options down the line”.
Trustpilot, which was founded in 2007 by Danish entrepreneur Peter Muhlmann, allows users to post reviews of their experiences across a range of services, from utility providers to retail sites.
It has focused expansion on further afield in recent years, and now has offices in eight cities around the world including London.
Earlier this year the company announced it will open a research and development site in Edinburgh, backed by a £1.8m grant from Scottish Enterprise to crack down on fake and paid-for reviews across the internet.
Muhlmann suggested the new site was crucial in shoring up the company’s credibility, saying: “There has never been a greater need for trust online and in the world which is why we keep pushing the boundaries of what’s possible in the review space.”
The Edinburgh office will be led by former Skyscanner executive Carolyn Jameson, who joined Trustpilot as chief legal and policy officer in August last year.
The review company boasts more than 94m reviews of over 400,000 domains on its site, helping it bag 4bn website views each month.
Trustpilot recorded more than $100m (£76m) in annual sales last year, meaning the company would hit an IPO valuation of around £800m.
The bulk of its revenue is generated from companies that subscribe to its online services.
The review platform last year raised $55m from investors in a Series E funding round, and is now on track to achieving a $1bn unicorn status.
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