What to know about the first funding round by Trustmary:
- Trustmary, a SaaS testimonial marketing platform headquartered in Jyväskylä, Finland and Minneapolis, has announced its first funding round of $2.2 million
- The round included a $1.34 million equity investment from Vendep Capital and an $888,000 loan from Business Finland
- According to the company, the funds will be used to, “[publish] many new features in the Trustmary testimonial marketing platform during 4Q21, doubling the current team with new marketing and development employees, and speeding up the value proposition for customers”
- Trustmary was founded in 2016 but most recently launched its first SaaS product in 2020
The Quote: Johannes Karjula, CEO of Trustmary
“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. We are happy to have Vendep join our journey. Their involvement and investment motivates our entire team to perform at an even higher level going forward.”
For more information about Trustmary and the funding round, read the release below.
September 14, 2021 – Jyväskylä, Finland and Minneapolis, MN, USA – Trustmary, a leading testimonial marketing platform, today announces its first funding round to drive growth both in North America and Europe. The investment will be used to further intensify the company’s market entry while also strengthening marketing and development teams in both the European headquarters in Finland and the US headquarters in Minneapolis. Since the launch of the first SaaS product, the company has rapidly gained hundreds of customers from USA, Canada, Germany, Finland, and Sweden. The $2.2m investment round consisted of a $1.34m equity investment from Vendep Capital, a Northern European SaaS focused venture capital company and a $888k loan from Business Finland, a Finnish governmental funding organization.
Trustmary was founded in 2016 to provide a global video testimonial service, but transformed into a SaaS company during 2020 with the launch of its first SaaS product. The Co-founders Johannes Karjula (CEO), Valtteri Ylimäki (Chief Financial Officer), Arttu Haho (Chief Marketing Officer) and Perttu Paukkeri (Board Member and Advisor) continue in their current roles and are excited to accelerate the company’s growth both in Europe and in the North America.
“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 motivates our entire team to perform at an even higher level going forward.”
“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 Jupe Arala, 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 Mikko Honkanen, Chairman of the Board of Trustmary and founder of Vainu.
Company will be publishing many new features in the Trustmary testimonial marketing platform during 4Q21, doubling the current team with new marketing and development employees, and speeding up the value proposition for customers.
