OC&C Strategy Consultants advised Trustpilot on $1.5 billion IPO
At the end of 2021’s first quarter, customer feedback platform Trustpilot went public on the London Stock Exchange. OC&C Strategy Consultants provided support to the business in preparing for the market listing.
Founded in Denmark in 2007, Trustpilot.com is a consumer review website which hosts reviews of businesses worldwide, with almost 1 million new reviews being posted every month. The firm has been consistently raising funds to fuel its expansion over its 13 years in business.
These included $3 million in early venture funding from 2008 to 2010, an initial capital injection from SEED Capital Denmark and Northzone in November 2011, and a $13 million Series B investment from Index Ventures, SEED Capital Denmark and Northzone, which the company used to fuel growth and the opening of offices in New York and London.
Now, as it looks to further grow its operations, Trustpilot has used that positioning to join the London Stock Exchange. Between 2013 and 2019, the annual growth rate of its activity had exceeded 30%, and as such the firm was able to float on the market in March 2021 with a valuation of $1.5 billion. This eventually allowed the company to raid almost £472 million in investment.
Trustpilot was advised on its initial public offering (IPO) by professionals from OC&C Strategy Consultants, which assisted the company in preparing for listing on the market. London office Partners Mostyn Goodwin, an expert TMT, and Colin Tyler, Head of TMT practice, led the process for OC&C.
A statement from OC&C via its website read, “We congratulate Trustpilot on its very successful IPO in March 2021. OC&C works with many leading clients in the consumer internet space… We have supported many landmark transactions, acquisitions and IPOs in recent years.”
Trustpilot’s listing follows Deliveroo setting a price range for its own hotly-anticipated float, valued at £8.8 billion at the upper range, while Moonpig, the online card retailer, also went public at a £1.2 billion valuation earlier in 2021. Later in the year, London-based online pensions platform PensionBee and money transfer app TransferWise and cybersecurity firm Darktrace are also expected to go public in London later this year.
The flurry of tech listings comes as Prime Minister Boris Johnson’s government is preparing an overhaul of London’s listing rules. A review commissioned by the Treasury recently urged London to allow firms to list dual-class shares on the premium segment of the stock market. It is hoped this will provide a much-needed boost to London’s financial markets, as fears remain that the city could lose ground to other European financial hubs like Amsterdam and Frankfurt after the culmination of Brexit.
