Thrasio raises $ 1 billion in funding led by Silver Lake


(Bloomberg) – Thrasio Holdings Inc., an Inc. product aggregator, raised more than $ 1 billion in a private funding round led by tech investor Silver Lake.

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Silver Lake, a new investor in Thrasio, has been joined by existing investors including Advent International, Upper90, Oaktree Capital Management and Peak6 in the Series D funding, according to a statement. The tour valued the company at more than $ 5 billion, said a person familiar with the matter who asked not to be identified while discussing private information.

Stephen Evans, managing director of Silver Lake, said much of the cycle capital will go to brand consolidation.

“At the end of the day, everyone benefits,” Evans said. “Thrasio’s state-of-the-art platform gives sellers more choice and gives consumers more high-quality products and better experiences. “

Thrasio had had merger talks with Churchill Capital Corp. Michael Klein’s V, a special-purpose acquisition company, or SPAC, for a deal that would have made it public, Bloomberg News reported in June.

“For us it’s a decision to raise capital, you have to be ready,” said co-founder and CEO Carlos Cashman in an interview. “The IPO is an episode of capital raising and so far the private market has continued to provide us with a sufficient amount of capital. “

The PSPC merger, which would have valued the combined company at over $ 2 billion, collapsed amid departures of senior executives, CNBC reported.

“Unique structure”

Thrasio was co-founded by Joshua Silberstein, who was the co-CEO of the company until his recent departure.

“Being a co-CEO is a pretty unique structure for any business, we never intended that to continue for the long term,” Cashman said. “It’s a natural evolution.

The three-year-old brand aggregator is expected to generate $ 1 billion in revenue, he said.

Currently, Thrasio operates on the Amazon platform in the United States as well as in Japan and Europe. It plans to expand into India and explore other online retail platforms, Cashman said.

Last month, Thrasio announced a $ 650 million debt facility through JPMorgan Chase & Co. The company’s last private funding dates back to July 2020, when it was valued at $ 1 billion before the new funding.

The company buys consumer products from markets such as Amazon. In September, it announced its biggest trading batch to date, totaling $ 100 million. It has bought from manufacturers of mattress protectors, camping gear and home bedding and now has more than 200 brands, according to its website.

JPMorgan advised Thrasio on the funding cycle, the statement said.

(Add company details in penultimate paragraph. An earlier version of this story corrected job titles for Stephen Evans, Carlos Cashman, and Joshua Silberstein.)

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