Thrasio, a tech startup that buys Amazon businesses, joins the $1 billion unicorn club with $260 million Series C funding
Thrasio, a Medfield, Massachusetts-based tech startup is changing the face of E-commerce as we know it. Thrasio is the largest acquirer of Amazon businesses and one of the top 25 sellers on Amazon. The startup acquires category-leading Amazon third-party private label businesses, and then seamlessly onboards, optimizes, and operates those brands. Thrasio has been profitable since it was founded in July 2018.
Today, Thrasio announced it has raised $260 million in a Series C financing led by Advent International, one of the largest and most experienced global private equity investors. The latest round was raised at a $1 billion pre-money valuation, making Thrasio the fastest US company ever to reach profitable unicorn status and a member of highly coveted unicorn startups.
Founded just 2 years ago by Carlos Cashman and Joshua Silberstein, Thrasio is an acquirer of Amazon third-party private label businesses, having integrated over 40 businesses into their industry-leading operating platform. The Fulfilled by Amazon (FBA) ecosystem acts as a unique launchpad for brand success, but as small sellers’ niche brands evolve into multimillion-dollar businesses they become complex and capital constrained, prompting many sellers to seek a successful exit.
Thrasio purchases category-leading Amazon third-party private label businesses – known for selling everyday products – for a typical purchase price of $1+ million, giving small business owners their hard-won payout. Thrasio then onboards, optimizes, and operates this suite of brands, expanding their reach through marketing, search, product development, and supply chain management, leading to substantial financial and operating growth.
Thrasio has been profitable since it was founded in July 2018, even while growing at a nearly unprecedented pace. In the past two years, the company’s revenue has doubled (on average) every 73 days. To date, Thrasio has acquired well over 50 Amazon businesses, including 17 last quarter.
With over $300 million in pro forma revenue and 6,000+ products, Thrasio is one of the top 25 sellers on Amazon.
Thrasio now has over 300 FTE employees and consultants across 11 cities and 3 continents and has been actively hiring during the COVID-19 pandemic, adding over 90 new people since April.
“People ask how we’ve been able to grow so quickly,” said co-CEO and co-founder Carlos Cashman. “It’s pretty simple: We build relationships with sellers and others in the Fulfilled by Amazon ecosystem. We’re a resource to sellers to help them grow, and we’re here to acquire their business and give them a well-deserved pay out when the time is right. We pay well in any economic climate and share the financial gains from growing their brands post-acquisition. So far, we’ve paid sellers more than $100 million.”
Co-CEO and co-founder Joshua Silberstein added, “We believe in doing exactly what we say we’ll do. That’s why we close on 98% of our term sheets, why we’ve paid 93% of our earn-outs, and why nearly a quarter of our acquisitions are referred to us by people who already sold their business to Thrasio.”
Driving the company’s success is an incredible team of people, and Thrasio is continuing to hire, growing the team across all functions and locations. “There’s no question that our team is the special sauce here, and we’re eager to keep building,” continued Cashman. “We’ve tried to make Thrasio an exceptional place to work, which may be why we’ve had less than 1% employee turnover.”