CoPilot’s assisted commerce service provides consumers with “expert in their pocket” for big ticket purchases, starting with $1.2 trillion U.S. car-buying market
The company’s service, available via downloadable app, moves from private beta to general availability
Built on top of a deep data platform, CoPilot technology gathers all relevant data from across the internet to deliver ultimate insider expertise to consumers
AUSTIN, Texas and CHICAGO, Aug. 20, 2020 (GLOBE NEWSWIRE) -- CoPilot, the assisted commerce leader for high-value purchases, today publicly debuted its mobile app enabled service designed to assist shoppers as they navigate high-value purchases, starting with the $1.2 trillion U.S. car market. The company has already seen high demand as it moves from private beta to general availability, hitting $500 Million in Gross Merchandise Value (GMV) run rate during private beta. Marking this success, CoPilot is announcing $10 million in a new Series A funding round led by Next Coast Ventures, with participation from Max Levchin’s SciFi Ventures and Arthur Patterson, co-founder of Accel Partners, along with existing investors, including Chicago Ventures, who led the company’s seed round. The investment brings the company’s total outside funding to $17 million.
"The purchase journey for high-value items, such as cars or homes, is complicated and often opaque," said Pat Ryan, CEO and founder, CoPilot. "Consumers are forced to quickly become an expert in the topic in order to fully utilize existing online tools. At the same time, many of these tools only offer information that sellers wish to provide. We started CoPilot to introduce transparency to the high-value purchase process and provide an expert partner and advisor to consumers for the entire lifecycle of ownership."
Assisted Commerce Platform Supports Consumers’ High-Value Purchase Journeys CoPilot brings a unique, assisted commerce approach to the market with a mobile application that guides consumers through all four stages of a high-consideration purchase journey: discovery, search, purchase and ownership. CoPilot is starting by addressing the complicated and stressful car shopping process with a focus on nearly new cars coming off lease from consumers as well as new cars. ”Most consumers lack the expertise to navigate most big-ticket purchases n their own and need an expert on their side to help them buy with confidence. CoPilot is starting by bringing an expert partner to the notoriously high-stress car shopping experience; we intend to create a CoPilot to help consumers navigate every big purchase over time,” Ryan continued. “CoPilot members automatically also get the benefit of expert advice in navigating the dealership experience when maintaining and repairing their vehicles, including recalls.”
Using data-driven analysis and human expertise, CoPilot’s assisted commerce service enables shoppers to more easily navigate purchases by providing previously unavailable insights that help consumers better understand the true value of big-ticket items. To ensure the independence of its advice, CoPilot does not take commissions from car dealers, unlike most car-buying websites. The company’s business model is “fintech enabled” with monetization focused on providing high quality, low priced insurance policies to its members.
CoPilot Data Platform is Built on Top of Deep Tech Foundation The CoPilot app, currently supporting car shopping, purchasing and ownership, is built on a deep tech data platform that contains “DNA-level” data on 83 percent of the active for-sale inventory in the U.S. Using more than 600 million proprietary analytical pricing models, the data platform checks the inventory of virtually every U.S. dealer daily (similar to how Kayak aggregates flights and hotel rooms) and recommends the best buys fitting a consumer's needs. These insights combine to create a one-of-a-kind consumer experience identifying “hidden gems” for consumers that are worth far more than their current market price. Behind the automated expertise, CoPilot also offers human copilots who, together with the mobile app, provide “insider insights” that empower consumers to buy the best possible car that meets their needs at the best price available in their area.
Funding Fuels Company Growth in Mobile E-Commerce Market Mobile commerce (m-commerce) volume is expected to rise to hit $488.0 billion, or 44% of e-commerce, by 2024. Consumers are reliant on digital devices now more than ever, and mobile will inch closer to becoming consumers' preferred channel for online shopping within the next five years.** One of CoPilot’s goals is to tap the m-commerce shopping market and assist consumers as they make high-value purchase decisions. Against this backdrop, CoPilot will use the new funding to support its expected growth and advance its technology to meet consumer needs.
"Assisted commerce is the future of high-consideration purchases. We believe that CoPilot will be the leader in empowering consumers to get the most for their money," said Tom Ball, co-founder and managing partner at Austin’s Next Coast Ventures. "We are excited to see CoPilot start with a solution that empowers consumers in the highest stress purchase of all: car buying. The fact that CoPilot has already achieved over $500 million in GMV demonstrates the enormous consumer need being filled and the massive potential for the company."
The CoPilot application is available for download here.
About CoPilot CoPilot provides consumers with an expert partner for the high-consideration purchase process starting with car buying and ownership. The platform combines powerful data backed by human expertise to introduce transparency to the shopping, purchasing and ownership journey. The mobile application takes the time, frustration, and guesswork out of the process, empowering people to easily navigate the risks of shopping for high-value items and buy with confidence. The beta version of the CoPilot app for car buying was first created in 2018 after nearly 3 years of building out a one of a kind, deep tech data platform. CoPilot is backed by Chicago Ventures, Next Coast Ventures, Max Levchin’s SciFi Ventures, and angels including Accel Partners cofounder Arthur Patterson. CoPilot is headquartered in Chicago with teams in Austin and San Francisco.
About Next Coast Ventures Next Coast Ventures is an Austin venture capital firm that partners with bold entrepreneurs building innovative companies in big markets. It provides early-stage capital to high-growth startups in ‘Next Coast’ markets, using macro trends and themes to guide its investment strategy. Next Coast provides its growing group of portfolio companies hands-on, company building resources through its strong industry network, Entrepreneurs Council program and the founders’ own experiences as entrepreneurs. Learn more at https://nextcoastventures.com
**Source: Business Insider, by Andrew Meola, Rise of M-Commerce: Mobile Ecommerce Shopping Stats & Trends in 2020
Media Contact Chris Powell BOCA Communications for CoPilot [email protected]
