TrustRadius, a platform for software reviews, announced Tuesday that it has received $12.5 million in additional funding.
The Austin-based company has raised $25 million since its founding in 2012.
Next Coast Ventures led the Series C funding round with participation from returning investors the Mayfield Fund and LiveOak Ventures.
TrustRadius plans to use the funds to hire key employees with a focus on sales and engineering. TrustRadius, with 59 employees, “plans to double in size through 2020 as the company grows recurring revenue by 223% and more than triple its customer base,” according to a news release.
“I founded TrustRadius because I experienced first hand the consequences of making the wrong technology selection, and witnessed how difficult it was for our team to conduct effective due diligence with resources like analyst reports and vendor-driven references and case studies,” Vinay Bhagat, founder and chief executive officer of TrustRadius said in a news release.
TrustRadius has created a platform where customers leave reviews of software products they purchase. Its customers include LogMein, TIBCO, and Solarwinds.
“Reviews are hosted both on TrustRadius and are syndicated to vendors’ own sales and marketing channels to improve conversion and accelerate purchase,” according to a news release.
“Enterprise software is a nearly half a trillion-dollar industry with high-quality, trusted reviews becoming one of the most effective tools for capturing market share, and NCV’s market research with major players in the software industry confirmed TrustRadius has the highest caliber reviews in the industry,” Thomas Ball, co-founder and managing director of Next Coast Ventures who will be joining TrustRadius’ board as part of the firm’s investment, said in a news release.
