Northzone Venture has acquired an additional 11% of consumer reviews website Trustpilot from Danish governmental seed investment vehicle DTU Symbion Innovation AS.
The second round of investment brings Northzone's holding in Denmark-based Trustpilot close to 35% post transaction, making it one of the two leading investors in the company.
Northzone along with Seed Capital first provided €3.3m of expansion capital to Trustpilot in November 2011.
Launched in 2007, Trustpilot is a consumer website on which users can gain an overview of companies' customer satisfaction and contribute their own experiences.
Companies pay a subscription fee to Trustpilot to help them work proactively with customer reviews, gaining better visibility for their services and thereby increasing their conversion of visitors into customers.
Northzone general partner Gregers Kronborg led the investment in Trustpilot. Peter Mühlmann is the CEO and founder of Trustpilot.
GPs will support the group's expansion and focus on digitalisation
Fresh capital will be used to improve the platform's technology and expand the company's trader network
Exiting investors reap a 1.7x multiple and 20.5% IRR following the sale
EBRD and Global Finance exit the business after investing €23.5m in 2011