Gamestop Chairman Invests In Startups

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Gamestop Chairman Invests In Startups

Gamestop Chairman Invests in Startups

Investing in startups has become a fashion for many millennial generation investors and GameStop's chairman is one among them. He is a well-known polarizing investor. He is more known for selling his online pre-retailer Chewy. He is greatly identified as executive chairman of GameStop GME.

Cohen is placed next to Warren Buffett, who too started investing at a very early age. Cohen started working when he was just 13. He used to build websites for local businesses and family members. Two years later, he started collecting fees from websites in the form of affiliate marketing. He had the vision of forming an e-commerce company. He created a jewelry sales website with the support of partner Michael Day.

However, before the launching of it he scrapped the idea and ventured into an online pet supply business that was initially named MrChewy and later Chewy Inc. He secured an investment of $15 million from Volition Capital in 2013. A year later he opened a big facility to enhance in-house.

Rival PetSmart approached Cohen and bought Chewy for $3.35 billion. It was one of the biggest acquisitions. Cohen left the company in 2018 and made an investment in the iDevice company and became the largest shareholder. He owned more than 1.5 million shares. Two years later, his RC Ventures revealed to have purchased a 10 percent stock in GameStop. It was later increased by about 3 percent and he became the largest individual shareholder in the company. He became a board member of GameStop in 2021.

Earlier this year, the RV Ventures disclosed to have a 10 percent stock in the company Bed Bath & Beyond BBBY. He entered into an agreement later to allow three more new directors and mainly focus on ways to unlock greater value.

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