Trustmary raises $2.2M to aid its efforts to enter new markets

SaaS News - Trustmary raises $2.2M to aid its efforts to enter new markets (source: SaaS Industry)
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Trustmary, a testimonial marketing platform, has raised $2.2 million in funding to support the company’s marketing and development teams, as well as market entry initiatives. Trustmary began as a global video testimonial service in 2016, but by 2020, it had evolved into a SaaS startup.


Trustmary, a testimonial marketing platform, has announced its funding round of $2.2 million. This round is made of 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.

The funds will boost the company’s market entrance efforts while also strengthening marketing and development teams at both its European and US headquarters in Finland and Minneapolis. Since the launch of its initial SaaS product, the company has quickly garnered hundreds of customers from the United States, Canada, Germany, Finland, and Sweden.

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.

Johannes Karjula, CEO of Trustmary

Trustmary was started in 2016 to provide a global video testimonial service, but with the launch of its first SaaS product in 2020, it changed into a SaaS company. Johannes Karjula (CEO), Valtteri Ylimäki (Chief Financial Officer), Arttu Haho (Chief Marketing Officer), and Perttu Paukkeri (Board Member and Advisor) all remain in their existing positions and are looking forward to accelerating the company’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. This really is a great example of our process and the type of team we look to support.

Jupe Arala, a general Partner at Vendep Capital

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.

Mikko Honkanen, chairman of the Board of Trustmary and founder of Vainu
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