"We are the anti-Amazon," said Ashvin Kumar, co-founder and CEO of Tophatter Inc.
San Francisco, CA (PRWEB) May 11, 2017
Tophatter Inc today pulled back the curtain to reveal its steady ascent within a highly competitive ecommerce field. The company disclosed that it expects to achieve $350M of gross merchandise volume (GMV) in 2017, more than double the $160M it recorded in 2016. In addition, the company also shared that it has been profitable since 2015, demonstrating it has been able to achieve impressive growth with a disciplined approach.
"People come to Tophatter to shop in the same way they used to go to the shopping mall to discover new products. The internet has made buying products you already know you want much more efficient, but no one has truly innovated shopping in a way that effectively replaces the retail experience,” said Ashvin Kumar, co-founder and CEO of Tophatter Inc. “That’s our focus. We are the anti-Amazon.”
Tophatter Inc. powers discovery shopping experiences uniquely tailored for the mobile era. Its flagship app connects buyers and sellers around the world in real-time auctions that are both fast and effective. The platform processes millions of data points to personalize the retail experience for every shopper. The company shared eye-popping engagement metrics that validate its approach to product development. Over 85% of items are sold. Over 15% of daily visitors make a purchase.
“We have the engagement of a game, and the economics of a marketplace,” the CEO explained. “This is modern retail.”
The company has raised a total of $35M to date, with global consumer tech investor Goodwater Capital leading the Series B. Goodwater joins earlier investors August Capital and Charles River Ventures who also participated in the round. Tophatter Inc is developing a global footprint with offices in Silicon Valley and Shanghai, China.
“The first wave of ecommerce was all about making the retail experience more efficient, as exemplified by Amazon and others”, said Eric Kim, co-founder and Managing Partner of Goodwater Capital. “The next wave of innovation is in solving the problem of discovery, which is a much larger opportunity. Retail represents a $25 trillion segment of the global economy that is in the early stages of massive upheaval. Tophatter is scaling rapidly and building a platform that absorbs a tremendous amount of data - they are poised to be a long term winner.”
Tophatter Inc was founded by Ashvin Kumar (CEO) and Chris Estreich (CTO), and launched in January 2012. The company has raised $35M to date from Goodwater Capital, CRV, and August Capital. The company has 75 employees globally, and is actively hiring at its offices in Silicon Valley and Shanghai. For more information about Tophatter Inc, please visit: http://www.tophatter.com/about.
About Goodwater Capital
The mission of Goodwater Capital is to empower exceptional entrepreneurs who are changing the world. We are 100% focused on early stage consumer tech, an area that we define simply as apps and services adopted directly by consumers. Goodwater is founded on the belief that we are experiencing an explosion of new consumer-driven opportunities in communications, community, and commerce. We are excited to see great entrepreneurs pioneering powerful new platforms to serve consumers across a broad range of industries including local services, marketplaces, health care, education, financial services, and wearables… just to name a few. Goodwater is focused on Series A and Series B consumer tech investments and our chief investment criteria is simple — a product or service that early customers LOVE. Goodwater was founded in 2014 and manages nearly $400M across two venture capital funds. We are actively investing and building a growing portfolio of exciting consumer audience, commerce, and platform companies.