TrustRadius, a B2B software and services review site, has raised $12.5 million in Series C funding, bringing its total equity financing to $25 million. The most recent funding round was led by Next Coast Ventures, with participation from returning investors LikeOak Ventures and Mayfield Fund.
"Business technology buyers want the whole truth before they buy. They want to hear from people who face the same challenges — their peers in similar companies,” said Vinay Bhagat, Founder and CEO of TrustRadius, in a statement. “We're experiencing rapid acceleration in the adoption of customer reviews in B2B, mirroring what's already occurred in B2C. We wanted to partner with an investor that understood this trend, has invested in the consumer review space and enterprise software and could both guide and fuel our next phase of growth.”
In addition, TrustRadius recently named Jennifer Griffin as the its Head of Customer Success. The company currently has 59 employees and intends to double in size through 2020, as it grows recurring revenue by 223% and more than triples its customer base.