3 transactions in Grove Collaborative Holdings Inc (GROV) over the past 5 years, including 2 buys and 1 sells. : The idea of Grove was a combination of something Ive always cared deeply about as an individual and industry trends that I saw at TPG. Alejandro: Right. That was exciting. Running in an undercapitalized startup where you only sort of have product/market fit, in my experience, was extraordinarily stressful. So then at what point do you make the decision of starting your company, Grove Collaborative. , : So, even though it wasnt taking off the way that we had all hoped, we were making progress. GuruFocus.com Alejandro: Were you there when the actual Chapter 11 and all of that happened? We worked with [29:03] originally there who are both phenomenal partners; still close partners of ours today. I remember coming back from this trip where I had just gotten engaged, and I was so happy. The thing that I needed to do was focus on getting product/market fit as fast as possible, not creating the trappings of an organization that was well-run or whatever. For me, that was just a blinding insight because it really is true that a lot of times if you dont have capital or didnt, you end up spending all of your time focusing on the consumer, which is a really, really valuable place to focus in the formative years of the business. Expense tracking service Divvy is taking on Concur and Expensify by offering its budgeting, fraud detection, and spend management tools for free. Grove Collaborative CEO Stuart Landesberg on his The New York Giants were playing. So without further ado, Stuart Landesberg, welcome to the show today. Perhaps they will also appreciate it. : Right, and then after this, you did a little bit of a stint at Vincraft Group, and then after that, you went into TPG Growth, which Im sure taught you a lot about the way that you see and work with companies, more on the investment side. The company goal is to plant one million new trees over the next three years. Grove not only provides a good price point for a valuable product but also explains why that product is good for the buyer. I know they funded me $40,000 in the bank. That Series A Round wasnt at the highest price, and obviously, it wasnt a super-clear story at that point that we were going to be really successful. The first round was like $280,000, and I was so proud of it. The assumption that just because a company was big, and at least by public perception successful, doesnt mean that bad things cant happen to it. Grove Collaborative, the company Landesberg co-founded and now heads as CEO, boost 2020 sales to more than $250 million. 17. Stuart Landesberg: Yeah. What makes a great partner, at least in my mind, I suppose there are three accesses that I think about. The store brands weigh more, and seem to give the customer more, but cost more in the long run because the customer pays for shipping the excess water in addition to cleaner. B Labs is Groves certification source. Web$0.46 (As of Wednesday Closing) General Information Description Grove Collaborative Holdings Inc is engaged in providing consumer products. We had signed a term sheet in December, and I had gone on a trip and gotten engaged and had been a little bit out of the business for a few weeks. I feel like we are 1% of the way. Stuart Landesberg: Every board is a little bit different, just like every companys different. Today, New York-based FuboTV is generally a cheaper alternative to cable (starting at $54.99 a month) that offers more than 90 channels. He says that many companies across the supply chain are not careful about their supply sources. 3. Past performance is a poor indicator of future performance. Thanks, so much for having me. He was pretty set. But I dont think theres ever a moment, and I still dont feel like theres a moment of like liftoff. Revenue, largely from subscription fees from ad-free Duolingo Plus, is expected to double this year. Stuart Landesberg is the Co-Founder & CEO of Grove Collaborative, the leading digital-first brand & e-commerce platform for natural home and personal care. Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at [emailprotected]. Founder of Grove Collaborative Holdings, Inc. and Grove Collaborative, Inc., Stuart Landesberg presently holds the position of President, Chief Executive Officer & Director at Grove Collaborative Holdings, Inc. and Chief Executive Officer of Grove Collaborative, Inc. (a subsidiary of Grove Collaborative Holdings, Inc.). Private equity is an interesting industry, and my experience at TPG was fantastic because of all the really smart people that I got to rub shoulders with. : Got it. 3 insider transaction in Grove Collaborative Holdings Inc (GROV) with a net Today, Lattice works with 1,300 customers, including Coinbase, Instacart, Slack and WeWork. So how much money have you guys raised so far? In summary, during the past 3 months, insiders sold 150,000 shares of Grove Collaborative Holdings Inc (GROV) in total and bought 409,609 shares, with a net If you can leave a review as well, that would be fantastic, and if you got any value either from this episode or from the show itself, share it with a friend. He also believes that alignment of incentive has the power to change behavior very clearly. My parents were probably some of the largest early customers of the brand called Seventh Generation, which back when I was a kid, I thought was the biggest company in the whole world. I started at Toro at the very beginning with just a couple of us in a room making investment decisions, and it was a really interesting experience and learned a lot of interesting and some different lessons there as well. Grove Guides help shoppers keep in touch with company products, interacting via email, chat, SMS, and telephone. From 2003 to 2016, Mr. Cervantes held various roles with Unilever where he partnered with all major commercial areas across regions. We have estimated Sylven Landesberg's net worth , money, salary, income, and assets. Alejandro: Alrighty. Stu was previously an investor at TPG Growth, where he was involved in over $400 million in consumer and technology investments. He views homes as central to peoples lives, and as such, are the one place where families can effect change in a meaningful way. Chris and I went to high school together, so weve known each other since we were about 14 years old, maybe 13, however old you are when youre a freshman in high school. Also, remember, if you need any help whether it is with your fundraising efforts or with selling your business, you can reach me at, Robert Sadow And Jonathan Sadow On Raising $100 Million To Reinvent How You Commute To Work, He Sold His Last Company For $130 Million And Now Raised Millions To Help Others Build Wealth, Satyen Kothari On Selling His Last Company For $130 Million And Now Raising Millions To Help Others Build Wealth, He Built An $8 Billion Venture Capital Firm To Invest In Startups That Are Fixing Our Broken World, Drew Oetting On Building An $8 Billion Venture Capital Firm To Invest In Startups That Are Fixing Our Broken World, This Entrepreneur Raised $124 Million To Power The Next Generation Of The Web. Ive experienced investors who have a little bit of an entitlement, and they think the company does the work, and the investor sees some of the returns. December is a seasonally bad month for us, but it was a particularly bad season of December that year. Stuart Landesberg: I sure was. I think that is one of the jobs the board plays, and it is extremely important. He said the company had about 200 customers before it ever had a website. Grove has a partnership with the Arbor Day Foundation. Read More 10 Companies Similar to RobinhoodContinue, Bose is a firmly established American company that specializes in the manufacture of sound system equipment. So those relationships are complex but again, I think it comes down to transparency and trust and authenticity. Get the full list, Morningstar Institutional Equity Research. So the first four years were not, especially from a growth perspective, but really, really valuable from an inside perspective. Stuart Landesberg: Sure. Because of his dedication, he has achieved great achievements. The second thing is a willingness not just a willingness, a perspective that is long-term and positive. But youve really been on the tough side of the equation, and now, obviously, its a different story, but Im sure that youve learned a lot. Grove Collaborative is part of the Grocery Retail industry, and located in California, United States. By 2021, the business had grown to more than 1,000 employees, and was on the path to a $1.5 billion IPO, via a merger with a Richard Branson-founded SPAC. The first is transparency, and its got to go both ways. I think thats a little bit of whats behind the A-players hire A-players saying. Stuart Landesberg: So I wouldnt necessarily believe everything you read. sale Then raised our Series C from Norwest at the end of that year. The financing is a tool, but the business opportunity is not contingent on the financing. He believes that one reason that product sellers choose to partner with Grove is that the company can tell their product stories very well. For those first four years, we just strung together small angel rounds, 280, then 450, 700. : When we started the business, none of us had ever built a consumer internet company before. The number of his fans has been increasing rapidly over the last few days. Grove Collaborative Holdings Inc (GROV)'s detailed insider trading history can be found in Insider Trading Tracker table. and For our feature on Duolingo, clickhere. While competitors collect and query data in batches every two to three minutes, SignalFx evaluates and alerts users to anomalies in two to five seconds. According to the SEC Form 4 filings, Stuart Landesberg has made a total of According to Grove, the company purchases credits to fund projects which reduce pollution. Stuart Landesberg: It was a crazy experience, sad, educational, and really formative. Mr. Landesberg started his career in the investment banking division of Lehman Brothers. I know that intellectually now that the business is stable and theres a tomorrow. He told Jason Calacanus of The Next Unicorn that Grove Collaborative was started because he believes that families care about providing the best products in their homes. I think that is one of the jobs the board plays, and it is extremely important. People who are able to acknowledge uncomfortable truths were just better collaborators and better partners and tend to have the best businesses. Stuart Landesberg is the director & 10 percent owner & President & CEO of Grove Collaborative Holdings Inc. In those early days, I wish I had just Im really grateful we did focus as much on the consumer as we did, but we also wasted a lot of time in cycles on things that werent ultimately value-creating in the long run but were only there to sort of swage short-term founders of a small business insecurities. But really, none of us had really built and scaled a consumer e-commerce business. In any organization that reaches scale, theres leadership all over the place. What do you think from going through all these multiple financing cycles, what have you learned that in terms of profile lets say in pattern recognition, which you used to do that on the investment side what makes an investor in a privately-owned company great? It was a really quick education about the extent to which all business really is truly personal. Landesberg believes that Grove has been able to compete against Amazon because, in practice, more than 50% of the product Grove sells today is not available on Amazon. : I see that the last round that you guys did was the Series E on December of 2018. Its been a crazy journey. : Paul Martino at Bullpen Capital who I also think the world of and if you folks who are listening have an opportunity to work with Paul or Bullpen another phenomenal group. Mr. Cervantes joined Grove in 2022 as its Chief Financial Officer. Its crazy to think that, in retrospect, I spent four years on this without seeing it breakout. The investor can be transparent about his or her goals too. While other startups like Convoy and Uber Freight move cargo from point A to point B, Next Trucking focuses on drayage, or the first-mile of transferring goods from port to warehouse. Here's why the CEO is bullish on California. You were talking about the pivot earlier, and Im always a believer that theres not a single business plan or pitch deck that is going to hit the market and its going to be bulletproof, so in you guys case, you started to receive feedback, and that really contributed to making or to understand that it was the right time or the right decision to change course of action. Before teaming up to found Chainalysis, CEO Michael Gronager, 49, cofounded cryptocurrency exchange Kraken, while CTO Jan Moller, 47, built the Mycelium cryptocurrency wallet. Please note GuruFocus will not track the insiders transaction performance if he/she does not have buying transactions. And theres no subscription fee. Im thrilled to be here. The San Francisco-based companys human resources software uses surveys to shift the focus of performance management from employee evaluation to career development. So, Stuart, let me ask you this. : Youre kind to say that. Landesberg is the President and Chief Executive Officer of Grove. Running in an undercapitalized startup where you only sort of have product/market fit, in my experience, was extraordinarily stressful. Landesberg started the company in 2012 and he admits that he really had no idea what he was doing. sale This is so embarrassing, but Ill just say it. He doesn't Working at Lehman at that time, I thought that organizations like Lehman Brothers were somewhat bulletproof. The categories that we operate in are natural home and personal care things like dish soap, laundry detergent, bath tissue, oral care, shampoo, and stuff like that. I guess leadership is defined differently for everyone in every context, and I dont think theres one definition of a leader. Some of my best mentors and my favorite conversations have been ones about bringing more of the companys vision into the room, not just our financials. Its awesome to know that I have that partnership. The three-year-old startups founders Umar Afridi, 37, a former retail pharmacist, and Sid Viswanathan, 35, who previously worked at Johnson & Johnson and LinkedIn, see a growing market in bringing technology and efficiency to pharmacy. Alejandro: Yeah. We had a couple of other potentials on the insiders that wouldnt have let the company go out of business. What I meant with the reporting is where trust is not present. You only pay for the products that you buy. The company has recently decided to take the business public and begin trading on the stock market exchange. Still, Im proud of it, I suppose. Landesberg I love our team, and I have come to believe that people are the primary asset of every organization and the most important thing. In total, Stuart Landesberg has made about 9 transactions over a year of their time at Grove Collaborative Holdings, Inc. Landesberg is proud of the Seedling brand that Grove launched. there will be demand growth for labor, he says. : Thats a fair amount of employees, so Im sure that for you, it has been an unbelievable journey as well as learning as a leader. Alejandro: Wow. Where they get like the products that are about really everything that has to do with the home. I think our personalities also meshed quite well, and there was a good shared vocabulary, and also a real mutual respect for the others areas of expertise. Stock quotes provided by InterActive Data. I think of it as we all are working together, and we have various roles to play. I remember vividly. : From Is he going to fund the term sheet? The day they funded, we had $40,000. There are a lot of different companies that have been trying for years to capitalize on the idea of using electric cars as opposed to traditional automobiles. Drayage is a lot more complicated because it involves terminals and ports, says Yan, 38. I think I really understood that the most from watching the leaders with whom I most identified at TPG. And I feel so privileged to come into work every day with such smart people and work on the hard problems that have a chance of changing the category for the better. Description. Stuart Landesberg around $20,350. That was our only viable Series A option. Grove is an auto-replenishment platform by default, but in fact, half of our shipments are ad hoc, half of them are through auto-ship, and theres a super customizable experience for consumers to make sure that people are only getting what they want and not other things. : Wow. Stuart Landesberg is the Co-Founder & CEO of Grove Collaborative, the leading digital-first brand & ecommerce platform for natural home and personal care. Augusto Marietti, 31, and Marco Palladino, 30, launched the company out of a garage in Milan, where they both attended university, and were constantly flying back and forth to Silicon Valley to fundraise. You sort of look back at the end of the month and go, Man! : Yeah. : Yeah, and by the way, I agree with you on that, and I love Alfred too. Mars and Ratner now hope to expand their technology (which includes the app, management platform and signal-reading hardware) to identity verification for ride-sharing and event check-in. In 2016, Grove started to manufacture its own all-natural products that now make up nearly 50% of its sales. THCP ANNOUNCES PLATFORM INVESTMENT IN Only the transactions in Open Market or Private Sale at the market prices are included. The company was established in 2013 by Baiju Bhatt and Vlad Tenev, Stanford Graduate School of Business classmates. (The full story is here.). purchase : Oh, my gosh. So the number one consumer preference wasnt matched by assortment. So thats number two. Each order of Seedling tree-free products helps Groves initiative to replant deforested areas across the United States. I think the biggest patterns were CEOs that were truly passionate about their people. Stuart Landesberg: Thats a great question. Alejandro: Thats a fair amount of employees, so Im sure that for you, it has been an unbelievable journey as well as learning as a leader. Id been at it for four years with mixed results. He had been leading Lehmans for 30 years and famously never sold a share of stock. : Yeah. of 354,782 shares made by Sculptor Master Fund, Ltd. Grove was required to think carefully about everything including best practices, ratio of highest paid employees to lowest, and company equity. 10. Matt Oppenheimer, who had worked for Barclays in Kenya, and his cofounders launched the business in 2011 to help people in developed nations like the U.S. and Australia send money cheaply to relatives in developing countries like Mexico and the Philippines. So then what ended up being the business model of Grove, and walk us through how you guys ended up monetizing. After we made our repositioning, a bunch of our strategies just started working better because the business was better positioned. Theres no subscription fee for the consumer experience. To get here required a long and winding route. We got that round done, and then it took us 19 months and a bunch of bridge rounds between there and the time when we had when I had twice as much money on my personal credit card as we had in the company bank account before we raised our Series A. Less than 5% today in most categories in non-food TPG even though youre in-person customer experience with a bottle of glass cleaner is not worth talking about, that category is still some 90-some-odd-percent offline. There were a lot of small angel rounds. No one should. The amount of time that we spent coming up with our splash page when we first bought the domain it was three of us sitting in an accelerator. Grove Collaborative is a Certified B Corporation. Chief Marketing Officer Jennie Perry On the other hand, we also wouldnt be as successful if our board members werent happy to hop on the phone at a moments notice about any issue. I remember vividly. Stock Ideas All-In-One Screener S&P 500 Map S&P 500 Bubble S&P 500 Aggregate Buffett-Munger Screener Industry Overview Undervalued Predictable Benjamin Graham Net-Net 52-week/3Y/5Y Lows 52-week/3Y/5Y Highs Magic Formula(Greenblatt) Dividend Stocks Peter Lynch Screen S&P500 Grid Predictable Companies Spin Off List But as long as there are really strong transparency and really strong trust, that creates the dynamics for a strong, long-term working relationship so that we can both do things to make sure that our partners are successful. Prior to joining Grove, in 2012 Mr. Clark led project management and engineering at Kaggle, Inc. and was a product manager and engineer at Blackbaud from 2007 to 2012. Wilk, an avid Redditor, saw that overdraft fees are a common complaint among users. They get it delivered, and they pay a subscription fee for that. So every step of the way, weve been fortunate to have truly phenomenal people sitting across the table from us who believed in the company vision, have been with us through when were ahead of plan and when were behind plan. The New York Giants were playing. Those are a few suggestions, and I think as always being clear upfront about board expectations is really important. Exit Edition, 3 Major Industries And Their Next-Gen Disruptors. I love the potential that our category already has for a positive change. RigUp pre-vets workers and vendors, and creams an estimated 4% off every contract made via its online platform. That stuff is really exciting, and so I, as you can probably tell, think extraordinarily high of our management team, so I try to incorporate our management team into board meetings as much as possible. Alejandro: Got it. Design is like this viral infectant because once your competitor is well-designed, you have to be well-designed, otherwise youll be disrupted, says Field. Then the third thing that I took away was a comfort with intellectual honesty is an unusual but highly valuable skill. 2. : Thats a great question. The reason Grove Collaborative has the name it does, is because- by definition- a grove is more than one tree. One where you are literally reporting to the board, and its more toxic, and then the other one is like the board is working for you and helping you to really succeed and tackling the strategic issues. They have also lived in Croton on Hudson, NY and Bronx, NY. Figma wants to move design online, casting aside the old model of software downloads and siloed creation in favor of a browser-based tool where designers can work and collaborate together. So many times. Mr. Landesberg co-founded Grove Collaborative in 2012 and has served as its Chief Executive Officer WebStuart Landesberg, Co-Founder and Chief Executive Officer, Grove Collaborative, Inc. P R E S E N T A T I O N . Stuart Landesberg owns 3,172,651 shares of Grove Collaborative Holdings Inc (GROV) as of March 20, 2023, with a value of $2 Million. Opening up environmental consciousness to new In 2019, the company founded by three Stanford graduates and the former cofounder of Meraki (a cloud startup since acquired by Cisco) signed on the city of Memphis a nearly 1,000-camera contract Juul Labs and Newtown Public School District, the district of the 2012 Sandy Hook Elementary School shooting tragedy. You mentioned earlier that it took you four years or so to do your Series A, so would it be possible for you to walk us through the fundraising journey? Landesberg said that 70% of households in the United States identify as preferring natural products. From there, the business really got a lot of traction and had a couple of +40, +45% quarters. And also, they have real governance responsibilities of the company. How was that experience for you? The first one, MHS, and Nestle in particular, those two firms really stepped up and supported the company then as well. : Yeah. If theres a person who wants to get to know our company better, there isnt a board member of a major investor that I cant get on the phone, see them today to talk to that person. So the three of our skill sets were quite complementary. and Sculptor Master Fund Ltd Alejandro: So shifting gears here, Stuart, how big is growth today so that people that are listening get an idea of how large the operation is? We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Thats because the store brands have an average of 95% excess water. Why are you at the office in the middle of the night packing up your stuff? He said, You didnt hear? : My pleasure. That lightening-fast processing speed has helped it sign on FedEx, Mastercard and other corporate behemoths. Paper is the Number 2 polluting industry on Earth.
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