Tracy DiNunzio

Yeah, same. I went to an art school.

Let's talk about so you've raised over a billion dollars in your career. Let's zoom in a little bit on the phase of your career where our paths crossed when you founded the real real. Can you tell the audience? I feel like everybody knows what the real real is. But for those who don't, can you tell everybody what the real real is?

Let's talk about so you've raised over a billion dollars in your career. Let's zoom in a little bit on the phase of your career where our paths crossed when you founded the real real. Can you tell the audience? I feel like everybody knows what the real real is. But for those who don't, can you tell everybody what the real real is?

Let's talk about so you've raised over a billion dollars in your career. Let's zoom in a little bit on the phase of your career where our paths crossed when you founded the real real. Can you tell the audience? I feel like everybody knows what the real real is. But for those who don't, can you tell everybody what the real real is?

Yes, and I heard you say it was not a self-listing site. For anybody who doesn't know, I had a website called Tradesy. It was a direct competitor to The RealReal. We were really, I think, two of the three largest in the luxury resale space, and it was a self-listing site. So on our site, our sellers listed their item directly, sort of like you would on eBay, and we virtually authenticated.

Yes, and I heard you say it was not a self-listing site. For anybody who doesn't know, I had a website called Tradesy. It was a direct competitor to The RealReal. We were really, I think, two of the three largest in the luxury resale space, and it was a self-listing site. So on our site, our sellers listed their item directly, sort of like you would on eBay, and we virtually authenticated.

Yes, and I heard you say it was not a self-listing site. For anybody who doesn't know, I had a website called Tradesy. It was a direct competitor to The RealReal. We were really, I think, two of the three largest in the luxury resale space, and it was a self-listing site. So on our site, our sellers listed their item directly, sort of like you would on eBay, and we virtually authenticated.

So early on, our companies were on a similar trajectory and then the real, real pulled ahead.

So early on, our companies were on a similar trajectory and then the real, real pulled ahead.

So early on, our companies were on a similar trajectory and then the real, real pulled ahead.

And I remember reading something at the time that said that for people who shopped online, if they were within a five mile radius of a store, their conversion rate went up. Was that true also?

And I remember reading something at the time that said that for people who shopped online, if they were within a five mile radius of a store, their conversion rate went up. Was that true also?

And I remember reading something at the time that said that for people who shopped online, if they were within a five mile radius of a store, their conversion rate went up. Was that true also?

So if you're looking at cities where you have dense population, exactly. It's just easy. It's easy.

So if you're looking at cities where you have dense population, exactly. It's just easy. It's easy.

So if you're looking at cities where you have dense population, exactly. It's just easy. It's easy.

I think it's easy to look at a business like The RealReal or TradeZ and think, oh, they're doing e-commerce. But it's not e-commerce. It's a two-sided marketplace. It's a marketplace. Which is 10 times more complex. So a SKU of one business is really hard to run. Especially when you're taking possession. Yes, which we didn't do.

I think it's easy to look at a business like The RealReal or TradeZ and think, oh, they're doing e-commerce. But it's not e-commerce. It's a two-sided marketplace. It's a marketplace. Which is 10 times more complex. So a SKU of one business is really hard to run. Especially when you're taking possession. Yes, which we didn't do.

I think it's easy to look at a business like The RealReal or TradeZ and think, oh, they're doing e-commerce. But it's not e-commerce. It's a two-sided marketplace. It's a marketplace. Which is 10 times more complex. So a SKU of one business is really hard to run. Especially when you're taking possession. Yes, which we didn't do.

We had other challenges like when a seller shipped an item directly to a buyer, what if they didn't put the right item in the box?