Larry Cheng

And I knew Chewy was trying to be the low cost, low price point player.

And I started looking up every, in the store, I started looking up the price point of the exact same product on Chewy.

And Chewy was, you know, 30% cheaper than what PetSmart was in store, Petco in store.

And I was thinking, it kept happening over and over again.

And I knew Chewy's financials in my head.

And I thought, wait a second.

You're saying that I can just order on Chewy for 30% lower price.

I don't have to come here, drive here, park, see if my product is even in stock, and carry it home and lug it all home.

And it just seemed like a no-brainer value proposition.

It's basically a more convenient, lower price point service for exactly what you're already buying.

And so we made an investment.

And the company grew from, so we met it when they were doing $25 million in revenue.

And about the time that we invested, they finished the $70 million revenue year.

And they went to $200 million, to $400 million, to $900 million, to $2 billion in revenue, and onwards as a public company.

And it was a great success.

And much, much credit to Ryan Cohen, the team who actually took on Amazon in the pet food vertical

by having better service for the pet customer.

So we definitely did some more in e-commerce.

However, doing more in e-commerce helped us to appreciate how unique Chewy was as a company.

And we do a very foundational analysis called customer cohorts, which is your track of how much a customer spends over time.