Our Companies
Wayfair
Wayfair is a leading online retailer of home goods with operations in North America and Europe. Wayfair offers customers a differentiated shopping experience, with over 18 million items available for purchase, easy product discovery, and attractive prices.
After our first meeting with the Wayfair co-founders, Niraj Shah and Steve Conine, we knew we had to be a part of their business.
We initiated conversations with Wayfair in 2009, and after a lengthy, active dialogue, in early 2011, we found ourselves on a short list of investors invited to formally engage given our Digital Commerce domain expertise and long history of working with founder-owned businesses. Impressed with Wayfair’s business model, financial profile, and strong management team, we became the largest investor in the company’s first outside capital raise.
June 2011 / April 2020
IPO / Public Stock Sale
Digital Commerce
After our first meeting with the Wayfair co-founders, Niraj Shah and Steve Conine, we knew we had to be a part of their business.
We initiated conversations with Wayfair in 2009, and after a lengthy, active dialogue, in early 2011, we found ourselves on a short list of investors invited to formally engage given our Digital Commerce domain expertise and long history of working with founder-owned businesses. Impressed with Wayfair’s business model, financial profile, and strong management team, we became the largest investor in the company’s first outside capital raise.
Niraj Shah
Co-Founder, Co-Chairman, & CEO, WayfairPartnering with Exceptional Management
We leveraged our significant experience and portfolio breadth in online and offline commerce to provide counsel to Wayfair’s management as they grew from a $500 million company to revenue exceeding $5 billion. We were an active partner in helping the company access the capital markets, assisting management through its $367 million IPO in October 2014, as well as multiple subsequent convertible debt offerings.
We ultimately distributed our shares in 2017. Over the following three years, we stayed extremely close to the company, with Great Hill Managing Partner Michael Kumin remaining on the Board as Lead Independent Director. Fast forward to Spring 2020, when COVID upended the global economic system, creating panic and uncertainty. Beneath this backdrop, the Wayfair co-founders and Board considered an equity infusion to bullet-proof their balance sheet from the potential impact of the pandemic. Given Great Hill’s long history with the company and deep understanding of the business, we were able to move swiftly, helping lead a $535 million convertible debt investment into Wayfair in early April 2020. Since that investment, the company performed extremely well, with accelerating growth and profits. In January 2021, we distributed our shares in the company.
- Sector Knowledge
- Experience with Founder-Owned Businesses
- Minority Investor
- Follow-On Investments
- IPO