Larry Cheng

And Chewy, for a transactional consumer e-commerce business,

It was like the customer came and they never left.

They kept spending the same amount and we're talking over time for a decade.

And so it was the most stable, predictable spend pattern of any consumer business we have seen.

And normally, a very good enterprise product gets that kind of retention dynamic.

And so Chewy had figured out something in a great category.

It's definitely a special company.

We sold the business for $3.3 billion after just three and a half years after investing.

And it was a great success for us.

Hard to replicate.

I do think I have a company right now that reminds me of Chewy called US Mobile, which is a mobile carrier.

You can get your cell phone service through them.

And so it's taken like a decade to find a company that has similar dynamics.

Yeah, I mean, at the time, they had never raised capital.

They didn't have a board.

And so the first board meeting in the firm's history was after we invested, me and the two founders, which was a lot of fun.

I'll always remember that first board meeting.

They didn't really know what was supposed to happen in a board meeting, which is totally fine.

But the two founders handed me four printouts pages from QuickBooks.

And they passed it to me over the table and said, OK, so what do we do in a board meeting?