Who Owns Trustpilot?
Trustpilot is owned by public shareholders as Trustpilot Group plc, listed on the London Stock Exchange under ticker TRST. Founded in Copenhagen in 2007, it hosts more than 361 million consumer reviews and reported fiscal 2025 revenue of $261.1 million with approximately 1,100 employees.
Parent Company
Founded
2007
Status
Publicly Traded
Headquarters
GlobalOfficial Website
Who Owns Trustpilot?
- Parent Company: Trustpilot Group plc
- Ownership Type: Wholly owned
- Company Type: Publicly Traded
- Stock Ticker: London Stock Exchange: TRST
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Trustpilot | Trustpilot Group plc | Wholly owned |
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History of Trustpilot
- Founded: 2007
- Founders: Peter Holten Muhlmann
Peter Holten Muhlmann founded Trustpilot in Copenhagen in 2007 while still a student, inspired by watching his father struggle to evaluate online businesses. The idea was radical for its time: an open platform where any consumer could review any business, with no editorial gatekeeping.
The open model proved both the strength and the controversy. Reviews accumulated fast as e-commerce boomed, and the platform expanded across Europe and into the United States, opening offices in London, New York, Denver, and beyond. Venture funding from investors including Index Ventures and Vitruvian Partners fueled international growth.
Trustpilot listed on the London Stock Exchange in March 2021, valuing the company at roughly 1.1 billion pounds and making it one of Denmark's rare consumer-facing tech IPOs abroad.
The founder era ended in 2023 when Muhlmann stepped down and Adrian Blair took over, bringing a focus on enterprise customers and profitability. The shift showed quickly: adjusted EBITDA nearly doubled in 2024 and jumped 69 percent again in fiscal 2025 to $40.7 million.
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Fiscal 2025 delivered revenue of $261.1 million, up 24 percent, with the first meaningful operating profit of $16 million, 27,362 paying business customers, and more than 361 million cumulative reviews. The company now frames itself as the trust layer for an AI-driven web where authentic feedback matters more than ever.
About Trustpilot Group plc
What does Trustpilot own?
It owns the Trustpilot platform, its review database of more than 361 million reviews, and the subscription products businesses buy. It is a single-brand company.
Is Trustpilot publicly traded?
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Yes. Trustpilot Group plc trades on the London Stock Exchange under ticker TRST after its March 2021 IPO.
Who founded Trustpilot?
Peter Holten Muhlmann, who founded it in Copenhagen in 2007 and ran it until 2023, when Adrian Blair became CEO.
Where is Trustpilot headquartered?
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Copenhagen, Denmark, with offices in London, New York, Denver, Edinburgh, Amsterdam, Hamburg, Milan, and Melbourne.
How many brands does Trustpilot own?
One. The entire company operates under the single Trustpilot brand.
Who owns Trustpilot?
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Public shareholders on the London Stock Exchange. Institutional investors hold most equity, with the founder retaining a personal stake but no control.
How does Trustpilot make money?
Business subscriptions for review tools, analytics, and marketing licenses. Consumers post reviews free, and businesses cannot pay for reviews themselves.
- Founded: 2007
- Headquarters: Copenhagen, Capital Region, Denmark
- Company Type: Publicly Traded
- Stock: London Stock Exchange: TRST
- Revenue: $261.1 million (FY2025)
- Employees: Approximately 1,100
Where Is Trustpilot Made / Based?
- Headquarters: Copenhagen, Capital Region, Denmark
Trustpilot Categories & Tags
Trustpilot Sustainability & Ethics
Trustpilot's entire product is an ethics proposition: an open, independent platform where authentic consumer voices counteract marketing claims. Its content integrity operation, a dedicated team using AI and human review to police fake and incentivized reviews, is its largest product investment.
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The company publishes transparency reports detailing fake review removal, and it takes legal action against sellers of fake review services. Its independence claim rests on charging businesses for tools but never for the reviews themselves.
Trustpilot Recalls & Controversies
Trustpilot's core controversy is inherent to open review platforms: allegations of fake reviews, manipulation, and pressure on businesses to pay. Critics have periodically claimed that paying customers get preferential treatment, an allegation the company denies and polices through its content integrity systems.
The company has fought legal battles with businesses over negative reviews and with fake-review sellers, winning cases that established its right to remove manipulated content. Regulatory attention on fake reviews, including EU Digital Services Act obligations and FTC rules in the US, has largely validated its integrity investments.
Earlier in its history the company faced a defamation suit from a Danish retailer and scrutiny over its invitation mechanisms, resolved through product changes that tightened review authenticity rules.
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Trustpilot Ownership: Pros & Cons
Advantages
- +Largest open review platform with 361 million-plus reviews of accumulated content
- +High-margin subscription model with 82.7 percent gross margin
- +Content moat: review volume is nearly impossible for competitors to replicate
- +Clear path to expanding profitability shown in fiscal 2025
- +Benefits from regulatory pressure against fake reviews
Considerations
- -Google and Amazon control default review surfaces for most consumers
- -Persistent perception battles over fake and manipulated content
- -Dependence on continuous review volume to stay relevant
- -Open model invites legal challenges from reviewed businesses
- -Single product line concentrates risk in one category
Frequently Asked Questions About Trustpilot
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Sources & Further Reading
Competitors to Trustpilot
No direct competitors found in the same category. This could be because Trustpilotoperates in a unique market segment or we're still building our competitor database.
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Trustpilot Group plc Stock Information
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Jobs at Trustpilot Group plc
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