Chewy (sometimes referred to as Chewy.com) is an online retailer of pet food and other pet-related products owned by PetSmart and is based in Dania Beach, Florida. The company offers around 30,000 items for dogs and cats. In addition to its headquarters in Florida, Chewy also maintains fulfillment centers in Texas, Nevada, Pennsylvania, and Indiana. It was founded in 2011 and has received $236M in venture capital financing over 5 rounds from Volition Capital, Mark Vadon, T. Rowe Price, New Horizons Fund, BlackRock, Allen & Co, Verlinvest and Greenspring Associates.
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History
Chewy was founded as Mr. Chewy in September 2011 by Ryan Cohen (former CEO) and Michael Day (CTO). The company was started with an initial investment of $50,000. Day's original vision was to open a no-kill animal shelter but felt that starting a business would allow him to better assist shelters currently in existence. The company donates a portion of each purchase to select animal shelters.
In March 2012, the company estimated a total yearly revenue of around $25 million, despite losing money in its first half year. Between 2012 and 2014, traffic to the website increased by 500%. Because most orders originated on the east coast of the United States, the company's only warehouse was located in Pennsylvania. In August 2013, Chewy's headquarters moved to Dania Beach, Florida. In November of 2017, Chewy's Customer Service department moved to Hollywood, Florida.
In 2014, Chewy received an undisclosed amount of funding from Boston-based growth equity firm, Volition Capital. In July 2014, Chewy purchased a former Toys "R" Us warehouse and distribution center near Sparks, Nevada. The company hired former employees and executives from Amazon, PetSmart, Whole Foods Market, and Wayfair. By 2015, the company employed over 1,200 staffers and offered around 30,000 items.
On February 1, 2017, the company announced an expanded, five-year $90M secured senior credit facility from Wells Fargo Capital Finance.
On April 18, 2017, PetSmart announced that it had entered into a definitive agreement to acquire Chewy. Upon closing, Chewy would continue to be led by CEO Ryan Cohen and operate largely as an independent subsidiary of PetSmart, focusing on its current business strategy, while PetSmart would execute its strategic initiatives across the combined company. On May 31, 2017, PetSmart announced that it had completed the acquisition of Chewy. Sumit Singh is the new CEO of the company.
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Products and operation
Chewy offers over 30,000 pet products, largely for dogs and cats. Its primary product is pet food, and it offers a range of options from gourmet to discount food. Other products include leashes, grooming tools, toys and strollers. Delivery for purchases over $49 is free. Customers can also opt for scheduled food deliveries. Orders can be placed online or by phone. A portion of all purchases is donated to no-kill animal shelters.
The company also employs artists and writers who are given the task of composing hand-written postcards for all new purchases. Artists also paint detailed images of customers' pets at random. Customers who submit photographs of their pets to customer service, or through Facebook or other social media, have a chance for their pet to receive a special gift.
See also
- Pets.com - the first online pet supply retailer (defunct as of 2000).
References
External links
- Official website
Source of article : Wikipedia
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