The commerce media network that gets rival brands to boogie together on customer acquisition - one checkout page at a time.
Founded 2020 / Formerly Co-op Commerce / Series A, $20M
The Disco coin, photographed against its own dark. A logo built for the space between a purchase and the next one - which is, it turns out, where the money lives.
Here is a thing about e-commerce that is both obvious and, for a long time, ignored: the single most valuable moment a brand ever gets with a customer is the moment right after that customer has decided to give it money. Disco built a company on the theory that this moment was, financially speaking, sitting empty.
The standard way to acquire an online customer, for most of the past decade, was to pay Facebook or Google to find one for you. This worked well enough until it didn't. Conner Sherline, who spent more than five years at Facebook and then some time at Affirm, had a front-row seat to the "didn't" part: over his tenure, he watched the cost of acquiring a customer on the platform rise by something like 30x. That is the kind of number that makes a person quit their job and start a company, and in 2020 that is roughly what happened.
The company was originally called Co-op Commerce, which is a name that tells you exactly what the idea was. The pitch to independent direct-to-consumer brands went like this: you are all fighting each other for the same customers, and you are all paying the same handful of Big Tech platforms enormous and rising sums to do it. What if, instead, you cooperated? What if a customer who just bought a mattress could be introduced - at the checkout confirmation page, when intent is highest and the wallet is already out - to a complementary brand selling, say, sheets? Both brands win, the customer discovers something relevant, and nobody had to outbid anyone on an ad auction to make it happen.
The mechanism for this is a product Disco calls DiscoFeed: a widget that appears on a brand's "thank you" page after a purchase and recommends products from other brands in the network. It is a deceptively simple piece of real estate. Every e-commerce order in the world generates one of these confirmation pages, and until fairly recently essentially none of them were monetized. Disco looked at those pages and saw inventory.
Every company with consumer transactions is starting to recognize those moments can become a media business.
The economics here are genuinely interesting, and worth sitting with. When you buy an ad on Meta, you are competing in an auction against everyone else who wants the same eyeballs, which means the platform captures most of the value your targeting creates. The price goes up until the marginal advertiser is roughly indifferent. That is a great business - for the platform.
Disco's insight is that a brand's own post-purchase audience is an asset that brand already owns and mostly wastes. A shopper who just completed a purchase is, by definition, a high-intent buyer with a validated payment method and a fresh burst of trust. Introducing them to a complementary, non-competing brand does not cannibalize anyone. It is close to free inventory, and Disco's job is to match it intelligently.
The results the company reported in its early years were the kind that make investors pay attention. In its first full year of operation, Disco says the network moved roughly $1 billion in transactions across 500 brands and more than 40 million shoppers. Participating brands reported customer acquisition costs 30 to 50 percent lower than what they were paying on Facebook and Instagram. Revenue grew something like tenfold.
There is also a timing story, which Sherline has been happy to tell. Apple's iOS privacy changes gutted the tracking that made platform advertising precise, and third-party cookies have been dying a slow public death for years. Disco works without either. It operates on permissioned first-party data shared directly by brands - a model that looks less like surveillance and more like a members' club, and which happens to be aging much better than the alternative.
What turns a clever widget into a defensible company is data, and this is where Disco's story gets more ambitious. Every purchase that flows through the network adds to what the company describes as one of the richest commerce graphs in the market: more than 160 million permissioned shopper profiles and over $50 billion in cross-network transaction data. That graph is what powers OffersAI, Disco's matching engine, which pairs verified shoppers with relevant offers not just on the thank-you page but across checkout, order tracking, email, SMS, and consumer apps - more than 800 digital touchpoints in all.
This is the part that justifies the "commerce media network" label the company now prefers to the older, humbler "post-purchase ad network." A single widget is a feature. A privacy-safe graph that can decide which offer to show which shopper at which of hundreds of commerce moments is infrastructure. The rebrand from Co-op Commerce to Disco tracked this shift: the earlier name described the mechanism - a co-op - while the new one describes the outcome the shopper experiences, which is discovery.
In May 2026 Disco reported that gross revenue had grown 137 percent year-over-year, and - more tellingly - that the growth was being pulled by enterprise demand rather than the scrappy DTC brands that built the network. Advertisers now named alongside Disco include HelloFresh Group, Disney+, FanDuel, and Apple, which is a very different guest list than a co-op of mattress and cookware startups.
To serve that demand, Disco launched two products. DiscoBeat is an API-first, white-labeled commerce media layer that lets any B2B2C software company stand up its own media business without building the plumbing. DiscoMix is infrastructure aimed at enterprise retailers and retail media networks, and it points at the part of the market Disco clearly thinks is the real prize.
That prize is what the industry calls non-endemic advertising. Retail media networks today mostly sell ads to the brands whose products sit on their shelves - endemic demand. But a retailer's checkout audience is valuable to advertisers who sell nothing on those shelves at all: a bank, an airline, a streaming service. As Disco's VP of Advertising Ryan Cook put it, "Endemic advertising has been the first wave, but the next opportunity is helping retailers unlock non-endemic demand." Disco's supply inventory, the company says, grew more than 1,000 percent year-over-year to meet it.
Whether Disco becomes the connective tissue of commerce media or one useful layer among several is not yet settled. It competes, depending on how you squint, with post-purchase specialists like Rokt and Wildfire, with broader retail-media and merchandising platforms, and ultimately with the same Meta and Google ad machines that inspired the whole project. But the underlying bet - that every consumer transaction is a latent media business, and that most of them are currently wasted - has aged from contrarian to nearly consensus. That is usually a good sign that someone saw it early.
Join the network, drop DiscoFeed on your thank-you page, and acquire new customers from complementary brands - with reported acquisition costs 30-50% below Facebook and Instagram.
Turn owned touchpoints - confirmation pages, order tracking, receipts, email, SMS - into a revenue stream by surfacing relevant, AI-matched offers to high-intent shoppers.
Use DiscoBeat's API-first, white-labeled layer to stand up your own commerce media offering without building the matching, data, and ad infrastructure yourself.
With DiscoMix, run direct-sold and non-endemic advertising against your shopper base - opening demand from advertisers who don't sell a single product on your shelves.
Target high-LTV shoppers at the moment of purchase across 800+ touchpoints, powered by OffersAI and a graph of 160M+ permissioned profiles - no third-party cookies.
Disco lives in the Shopify App Store as a post-purchase ad network, letting merchants plug into the whole cooperative without a heavy integration lift.
Ex-Facebook and Affirm operator Conner Sherline starts the company to help independent brands acquire customers together instead of overpaying Big Tech.
In its first full year the network moves $1B in transactions across 500 brands and 40M+ shoppers, with roughly 10x revenue growth.
Felicis Ventures leads a $20M round with Shopify and Bessemer participating; Co-op Commerce becomes Disco.
Disco expands from a single post-purchase widget into an AI-powered offer engine spanning 800+ commerce touchpoints.
Disco reports 137% YoY revenue growth and launches DiscoBeat and DiscoMix, moving into B2B2C SaaS and enterprise retail media.
"Endemic advertising has been the first wave, but the next opportunity is helping retailers unlock non-endemic demand."- Ryan Cook, VP of Advertising, Disco
"With everything happening, including iOS 15 hampering businesses to effectively do marketing, this is our moment to shine."- Conner Sherline, Founder & CEO
Disco is a commerce media network that connects brands to high-intent shoppers through AI-powered, personalized offers - most notably at the post-purchase "thank you" moment - across more than 800 digital touchpoints.
Disco was founded in 2020 by Conner Sherline, previously a senior operator at Facebook, Instagram, and Affirm. It was originally named Co-op Commerce.
Roughly $26-29M, including a $20M Series A in March 2022 led by Felicis Ventures with participation from Shopify and Bessemer Venture Partners.
By recommending complementary brands to shoppers right after a purchase, Disco reaches high-intent audiences directly. Brands have reported 30-50% lower acquisition costs than on Facebook or Instagram.
They are Disco's 2026 enterprise products: DiscoBeat is an API-first, white-labeled commerce media layer for B2B2C SaaS companies, and DiscoMix is infrastructure for retailers to run direct-sold and non-endemic advertising.
Official channels, coverage & media