CoPilot Unveils Assisted Commerce Platform; Hits $500 Million in Annualized Gross Merchandise Value Enabled Prior to Public Launch
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
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
Funding Fuels Company Growth in Mobile E-Commerce Market
"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 Next Coast Ventures
**Source: Business Insider, by Andrew Meola, Rise of M-Commerce: Mobile Ecommerce Shopping Stats & Trends in 2020