StrictlyVC Download VC Larry Cheng on How Volition Survived an LP Armageddon
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Feb 18, 2023 Larry Cheng, founding partner at Volition Capital, dives into the current landscape of venture investing. He shares insights on the market trends for 2023, focusing on e-commerce and consumer brands. Cheng discusses his successful collaboration with Chewy's Ryan Cohen, highlighting the importance of customer obsession in investing. He also navigates the challenges of today’s fundraising environment, detailing how Volition adapts its strategies amid shifting market dynamics. Expect engaging anecdotes and sharp analysis of the evolving tech landscape!
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How Chewy’s Investment Began
- Larry met Ryan Cohen in 2012 and Volition led Chewy's Series A in 2013 as the sole investor.
- Larry cited Ryan's obsessive customer focus and clear value proposition as reasons to invest.
From Chewy To GameStop
- After Chewy's exit, Ryan Cohen made concentrated public bets and Larry joined the GameStop board to help.
- Larry described Ryan as a person who takes significant, concentrated positions independently in public markets.
Leverage Professional Ambassadors
- Burst used dental hygienists as ambassadors and product partners to build credibility and distribution.
- Larry highlighted the hygienist channel as an overlooked but powerful route to scale oral-care products.