Amsterdam-based Trustoo, a platform that helps find local service providers, announced on Tuesday, August 15, that it has secured fresh funding from existing investor No Such Ventures. The two parties did not disclose financial details of the funding round.
Founded by Lars Freriks and Pieter Westerhuis in 2019, Trustoo is a platform that links high-quality local businesses with potential customers by presenting over 80,000 businesses with clear details and contact information.
This streamlines the process of finding local services for visitors, benefiting both consumers and local players. Trustoo currently operates as Trustlocal in Belgium and Germany.
Capital utilisation
With the funding, Trustoo says that it has opened a new office in Berlin and looks forward to strengthening its market position in the Netherlands and Belgium.
Freriks says, “We are very proud of this new investment, which underscores our trusted relationship with No Such Ventures.”
“Thanks in part to their previous growth capital and expertise, we have taken significant steps and found many matches between consumers and local service providers in all conceivable sectors, from contractors to marketing agencies and insurance agents.”
“We are growing exponentially, so I have every confidence that we will continue this success after this interim round,” adds Freriks.
Trustoo’s recent growth
Two years after No Such Ventures’ investment in Trustoo, the Amsterdam-based service platform claims to have achieved significant growth.
For instance, within a year, Trustoo doubled its requested quotes to over 1.5 million, expanded its workforce to over 50 employees, and entered the German market.
In Germany, Trustoo’s platform Trustlocal.de allows consumers to compare professionals like lawyers and photographers.
Trustlocal.de has already become active in six branches within North Rhine-Westphalia, showcasing a strategic and gradual approach to conquering the German market. The expansion is taking place step by step, state by state, and service by service.
Westerhuis says, “Germany is a massive market with a lot of potential, and we like to take our time for it. In all our markets, it’s ultimately about finding the happy match between service providers and their customers.”
“We increasingly act as a business engine rather than a lead generator for them. In this way, we not only create the best experience for the connected service providers but also for our users,” adds Westerhuis.
Brief about the investor
No Such Ventures is an Amsterdam-based investor that claims to offer fast and flexible equity investments of €2M to €8M. The firm combines the added value of (angel) investors with the professionalism of a VC through its deal-by-deal model.
The firm backs ambitious growth companies in various sectors and is supported by a rapidly growing network of investors, entrepreneurs, and industry experts.
Arjan Griffioen, an investor at No Such Ventures, says, “We have enormous confidence in Trustoo and the qualities of Lars, Pieter, and the team. That’s why we invest in them again. Since our partnership, they achieve every goal and proven their business model time and again.”
“I’m glad we’re preparing them for the next phase with this financial boost and ongoing strategic support: expanding existing services in the Netherlands and Belgium and conquering the German market,” adds Griffioen.
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