Chewy Inc. is a company that offers pet products online. Among the products offered by the company are pet food, mats, toys, biscuits, supplements, and vitamins. Chewy Inc. is headquartered in Dania Beach, Florida.
Chewy Net Worth
PetSmart bought Chewy in 2017 for $3.35 billion, a deal that at the time was a record price for an e-commerce company. At present, its assets total are $1.7 billion. In 2019, the company had a market value of $10 billion.
Chewy overview
Chewy.com is one of the leading e-commerce companies, acquired by PetSmart for $3.35 billion in 2017. After Walmart’s acquisition of Jet.com, this was the biggest e-commerce acquisition ever.
Five years after opening, it had a revenue of nearly $900 million. Founded in Fort Lauderdale in 2011, the company provides customer service 24 hours a day and offers supplies for cats, dogs, reptiles, birds and also horses.
Founder’s story
In 2011, Chewy company was founded by CTO Michael Day and CEO Ryan Cohen, who met in a Java chat room. The 31-year-old Cohen worked as an affiliate marketer, directing customers to e-commerce sites in exchange for commissions, when he met Day while searching for a website developer.
Day left the University of Georgia to work with him, and together they invested $150,000 in an online jewelry business. The pair attended a trade show and realized that the business wasn’t for them, so they sold it at a profit of 80 cents per dollar.
Following the closure of their jewelry business, Cohen and Day gathered their remaining personal funds to purchase pet supplies. After finding a Pennsylvania fulfillment center, they launched their website and matched prices online.
Funding
Chewy’s appeal attracted investors and the company raised venture capital of $236 million at the end of 2013. The American Pet Products Association reports that American pet owners spent $60.2 billion on pet supplies and services in 2015. Chewy has served more than 3 million customers since it was founded and has more than 4,000 workers.