Boston-based startup Thrasio, one of the big leaders in buying up and scaling third-party merchants selling on marketplace platforms such as Amazon, has raised more than $1 billion in Series D funding. The fund acquired from the all-equity Series D fund will be used by the company to buy up more companies and fuel expansion plans. The company claims to currently be on the rate of buying 1.5 businesses per week and now has about 200 brands in its portfolio.
The funding round was led by Silver Lake and Advent International and saw the participation of its largest shareholder – Advent, Upper90, PEAK6 Investments and Corner Capital. Thrasio was valued at $3.7 billion after raising $100 million in April this year. While the company puts its current valuation at between $5 billion to $10 billion, analysts put its valuation at about $10 billion. The company has seen its growth rate increase and if only its added capital was to be considered, it would be valued at nothing less than $5 billion. The company has also seen an increase in the number of brands that it is working with.
In total, Thrasio founded in 2018, has raised $3.4 billion which includes a $650 million debt round this year. While the company already run its operations in the UK, Germany and Japan, the reason for raising so much fund in its latest funding round is so that it can leverage global opportunities and expand its global supply chain.
“Our business is getting better as it gets bigger, and these investments will be invaluable as we continue on that path. Advent and Silver Lake both have phenomenal track records of building successful global businesses, and the additional funds from existing investors including Upper90 and PEAK6 are extremely rewarding votes of confidence in a crowded space.” Co-founder and CEO of Thrasio – Carlos Cashman – said in a statement.
In a joint statement by co-CEO Greg Monde and Managing Director Stephen Evans of Silver Lake, they said that “Thrasio created the Amazon aggregator category, and their innovative approach and impressive growth have brought a lot of attention to this space. We believe Carlos Cashman and his team are well-positioned to accelerate their growth and build the preeminent next-generation, technology-driven consumer goods company. We’re excited to partner with Carlos, his team and the existing shareholders as the company enters the next phase of growth.”
Davis Mussafer, chairman and managing partner and Jeff Case, managing director, of Advent International, also added that “Thrasio has quickly established itself as the largest e-commerce aggregator globally, and we are thrilled to strengthen our partnership with Carlos and his team, in addition to welcoming Silver Lake as a new investor. Thrasio is well positioned for further success, and we look forward to working with the company as it continues to scale.”
With its latest funding, Thrasio plans to launch its plans that’ll position it as the biggest e-commerce aggregator in the world.