Online review platform Trustpilot chooses London for IPO

by Jeremy

Trustpilot, based in Copenhagen, Denmark, said it would hold an initial public offering on the London Stock Exchange to sell 25% of its shares to raise $50 million.

While not yet profitable, Trustpilot’s net loss narrowed last year as its revenue rose to $102 million. According to a person close to the company who was not allowed to speak publicly, it’s aiming for a market valuation of 1 billion pounds ($1.4 billion).

People can use Trustpilot to leave feedback for businesses publicly. One of Trustpilot’s selling points is that it doesn’t allow companies to pick and choose which reviews are published on or deleted from its platform as a way to raise trust and transparency.

The company also uses technology to weed out shady posts. Last year it took down 2.2 million reviews deemed to be fake or fraudulent, 70% of which were removed by automated systems.

The company, founded in 2007, says it has hosted more than 120 million reviews for more than 529,000 websites belonging to businesses in more than 100 countries and territories. Its biggest markets are the U.K. and U.S.

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