Trustmary Raises $2.2 Million Funding to Expand in North America and Europe
Martech Outlook | Tuesday, September 21, 2021
Trustmary has raised its first round of funding of $2.2 Million to help it expand in North America and Europe.
FREMONT, CA: Trustmary, a major testimonial marketing platform, has raised its first round of funding to help it expand in North America and Europe. The funds will boost the organization's market entrance efforts while also expanding marketing and development teams at both European and US headquarters in Finland and Minneapolis. The organization has quickly garnered numerous customers from the United States, Canada, Germany, Finland, and Sweden since its initial SaaS product. A $1.34 million equity investment from Vendep Capital, a Northern European SaaS oriented venture capital firm, plus an $888k loan from Business Finland, a Finnish state funding body, made up the $2.2 million investment round.
"We are well positioned to become one of the leaders in this new market segment. Our customers have gained outstanding sales growth with Trustmary's testimonial marketing platform. The strong need to build deeper trust and close more sales online already exists across all industries and current global megatrends further boost this need.", Johannes Karjula, CEO of Trustmary, comments." We are happy to have Vendep join our journey. Their involvement and investment motivate our entire team to perform at an even higher level going forward."
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Trustmary was started in 2016 to provide a global video testimonial service, but with its first SaaS product in 2020, it changed into a SaaS company. Johannes Karjula (CEO), Valtteri Ylimäki (Chief Financial Officer), ArttuHaho (Chief Marketing Officer), and PerttuPaukkeri (Board Member and Advisor) all remain in their existing positions and are looking forward to accelerating the organization's expansion in Europe and North America.
"We immediately recognized the strengths of the Trustmary team when we met. I then closely followed their transformation from the first SaaS customer into a full-blown SaaS company over a year.", says JupeArala, General Partner at Vendep Capital. "This really is a great example of our process and the type of team we look to support."
"Digital trust is in crisis today preventing conversion in the sales pipeline. All research confirms that people trust authentic peer reviews and testimonials when making purchase decisions. Trustmary testimonial marketing platform helps businesses regain digital trust using automated customer testimonials and produce measurable results for their customers." says MikkoHonkanen, Chairman of the Board of Trustmary and founder of Vainu.
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