This time around, the company brought in an $11 million Series A round led by Wing Venture Capital, with participation from existing investors Kraft Ventures and Sequoia and new investors including Tiger Global and Elad Gill. This follows a $2.9 million seed round announced in March and brings the company’s total funding to $13.9 million.
Copy.ai’s software costs $35 per month and can, for example, write a blog post outline based on a few sentences and create link descriptions for Facebook ads and even a company model. You can also make sentences.
A year after CEOs Paul Jacobian and Chris Lu co-founded the company, it’s seeing $2.4 million in annual recurring revenue. While not yet profitable, the company more than doubled its revenue over the past year and grew from three employees to 13, Yakoubian told Nerdshala.
Although it raised funding earlier this year, he and Lu felt the time was right after Series A to expand the team and hire more engineers to provide capacity for new product features. A recent feature is the editor, which enables users to organize ideas, save ideas, and edit notes directly in the app. Copy.ai has also been developing products for content creation for a long time.
“AI is good at pattern-matching, and when you give it more information about a business, it can assume the identity of the business, so we’re also building a team product so that AI can learn more, you can learn more about other businesses.” Users can also be invited to sign up,” Jacobian said.
The company will invest the new capital in hiring. It is a fully remote team with employees all over the country. Copy.ai already has over 300,000 marketers using tools like eBay, Nestlé and Ogilvy. More than 3,000 have signed up for the free trial since the seed round and it has over 10,000 premium subscribers.
Copy.ai AI is early in the natural language generation, something Yacoubian said while the company is just scratching the surface, so it will continue to improve the core app experience and the quality of the text it generates.
The founders also hit it off with Wing venture capital partner Zach DeWitt, who Yakoubian said understands the company’s vision and how well artificial intelligence can help marketers.
“Given the creative potential of AI, we hear a lot about automation, but there isn’t much of a narrative to create value for yourself or your company,” Yakoubian said. “If AI moves forward, it will be a source of empowerment and another tool with untapped potential. It is interesting how it can unlock human capital, and in a small company that cannot afford full-time agencies , a quick, simple tool that solves their problem.”
DeWitt said customers are moving completely online as digital penetration grows, and companies have to meet customers where they are, whether it’s newsletters, blogs, social media or email.
Speaking with Copy.ai’s small business clients, they realized that the amount of written content is overwhelming for some, and to enable marketers or founders to write a great piece of copy, use AI to do so. is the best way.
DeWitt himself used the product to create his initial email to the company. He also writes a weekly blog and is active on Twitter, so Copy.ai’s products come in handy when it comes to blog post ideas and content formats, he said.
He said that the company is one of the fastest growing company that Wing had introduced for this young company. they too Taking advantage of social media To make their metrics public, which in turn generates loyalty and provides a way for them to learn publicly, something that initially attracted the company to Wing.
“This round was massively oversubscribed, so you can get a sense of the interest in the company, the quality of the team, and their traction,” DeWitt said. “Chris and Paul had the luxury of being selective among the investors they chose to set them up for future success.”