Thrasio

Thrasio was a Boston-headquartered consumer goods aggregator that acquired over 200 Amazon-selling brands to scale them globally.¹ The company raised over $3.4 billion in equity and debt and reached a $10 billion valuation in October 2021.¹¹⁶ Thrasio filed for Chapter 11 bankruptcy in February 2024 and emerged in June 2024 after eliminating $495 million in debt.^18111213

Timeline

Date	Event	Source
2018	Thrasio was founded in 2018 by Carlos Cashman, Joshua Silberstein, and Johnathan Hefter.	116
2018-11	Thrasio completed its first acquisition, a pet-odor eliminator spray called Angry Orange.	16
2019-04	Thrasio raised a $6.5 million seed round at a $22 million valuation.	16
2019-12	Thrasio raised a $20 million Series A round led by Peak 6 and Upper90.	1
2020-04	Thrasio raised a $75 million Series B round at a $700 million valuation.	116
2020-07-15	Thrasio closed a $260 million Series C round led by Advent International at a $1 billion pre-money valuation, achieving unicorn status.	12
2021-02	Thrasio raised a $750 million Series C extension led by Advent International and Oaktree Capital Management.	1
2021-04	Thrasio raised a $100 million Series C extension, bringing its valuation to between $3 billion and $4 billion.	1
2021-10-25	Thrasio raised a $1 billion Series D round led by Advent International and Silver Lake at a $10 billion valuation.	14
2022-05-02	Thrasio announced that Greg Greeley would become CEO in August 2022, succeeding co-founder Carlos Cashman.	17
2022-08	Co-founder Carlos Cashman left the company.	16
2022	Thrasio laid off approximately 20% of its workforce.	1316
2022-12	Thrasio announced $650 million in new senior credit commitments, lifting total capital raised to more than $2 billion.	5
2023	Thrasio's losses rose to $3 million per day.	16
2024-02-28	Thrasio Holdings, Inc. and 240 affiliated debtors filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.	78111213
2024-06-18	Thrasio emerged from Chapter 11 bankruptcy after eliminating about $495 million of debt.	812
2025-12	The Thrasio Legacy Trust reached a $65 million settlement of claims against founders and early executives for general unsecured creditors.	8

Money raised

Thrasio raised a total of $2.2 billion across 7 funding rounds, plus 1 secondary share sale, according to Multiples.¹ Thrasio's first fundraising round was a $7 million seed round in April 2019.¹ In December 2019, Thrasio raised a $20 million Series A round led by Peak 6 and Upper90.¹ In April 2020, Thrasio raised a $75 million Series B round at a $700 million valuation.¹ In July 2020, Thrasio closed a $260 million Series C round led by Advent International at a $1 billion pre-money valuation.¹² In February 2021, Thrasio raised a $750 million Series C extension led by Advent International and Oaktree Capital Management.¹ In April 2021, Thrasio raised a $100 million Series C extension, bringing its valuation to between $3 billion and $4 billion.¹ In October 2021, Thrasio raised a $1 billion Series D round led by Advent International and Silver Lake at a $10 billion valuation.¹⁴ Thrasio announced $650 million in new senior credit commitments in December 2022, lifting total capital raised to more than $2 billion.⁵ Thrasio had raised over $3.4 billion in total by late 2021 across multiple rounds, according to Multiples.¹

Investors named in the sources: RiverPark Ventures¹, Peak 6¹, Advent International¹, Upper90¹, Jason Finger¹, Harlan Capital Partners¹, Silver Lake¹, Oaktree Capital Management¹, Veligera Capital¹, Corner Capital Management¹, Red Lions Capital¹, Vershina Capital¹, Jaws Ventures¹, Western Technology Investment¹, Basement Fund¹.

What happened

Thrasio was founded in 2018 by Carlos Cashman, Joshua Silberstein, and Johnathan Hefter.¹¹⁶ The company was a Boston-headquartered consumer goods aggregator that acquired over 200 Amazon-selling brands to scale them globally.¹ Thrasio leveraged data analytics, supply chain logistics, and marketing to expand product assortments, achieving top-three status among Amazon U.S. sellers with thousands of SKUs across home, beauty, and wellness categories worldwide.¹ In November 2018, Thrasio completed its first acquisition, a pet-odor eliminator spray called Angry Orange.¹⁶ Angry Orange sales grew from $2.5 million to $23 million in just 2 years.¹⁶

In April 2019, Thrasio raised a $6.5 million seed round at a $22 million valuation.¹⁶ In December 2019, Thrasio raised a $20 million Series A round led by Peak 6 and Upper90.¹ In April 2020, Thrasio raised a $75 million Series B round at a $700 million valuation.¹ By April 2020, Thrasio had secured over $100 million in fresh capital, including the Series B and $35 million in additional debt capacity.¹ In the 18 months prior to the Series B, Thrasio's gross revenue grew from zero to over $200 million on a pro forma trailing twelve months basis.¹

Thrasio was profitable since inception, reaching over $35 million in pro forma TTM EBITDA by April 2020.¹ In July 2020, Thrasio closed a $260 million Series C round led by Advent International at a $1 billion pre-money valuation, achieving unicorn status.¹² Thrasio was the fastest US company ever to reach profitable unicorn status, according to internal company analysis of Crunchbase data.² By July 2020, Thrasio had acquired well over 50 Amazon businesses, including 17 in the prior quarter.² Thrasio had over $300 million in pro forma revenue and 6,000+ products, making it one of the top 25 sellers on Amazon.²

Thrasio had over 300 FTE employees and consultants across 11 cities and 3 continents and had been actively hiring during the COVID-19 pandemic, adding over 90 new people since April 2020.² In February 2021, Thrasio raised a $750 million Series C extension led by Advent International and Oaktree Capital Management.¹ In April 2021, Thrasio raised a $100 million Series C extension, bringing its valuation to between $3 billion and $4 billion.¹ By April 2021, Thrasio had acquired over 100 brands representing approximately 15,000 products on Amazon's marketplace.¹ Thrasio reported $100 million in profit on $500 million in revenues in its fiscal year 2020.¹

Thrasio was acquiring businesses at a rate of approximately 1.5 per week by April 2021.¹ In October 2021, Thrasio raised a $1 billion Series D round led by Advent International and Silver Lake at a $10 billion valuation.¹⁴ The Series D funding aimed to accelerate brand acquisitions at a rate of 1.5 per week, reaching 200 brands, strengthen logistics, and expand internationally into markets like the U.K., Germany, China, and Japan.¹ Thrasio operated in the fast-growing, fragmented e-commerce aggregator space, evaluating 6,000 potential acquisitions and ranking among top Amazon sellers.¹ In May 2022, Thrasio announced that Greg Greeley would become CEO in August 2022, succeeding co-founder Carlos Cashman.¹⁷

Co-founder Joshua Silberstein left the company in September 2021, and Carlos Cashman followed in August 2022.¹⁶ In 2021 and 2022, Thrasio was losing an average of $2 million per day.¹⁶ In May 2022, Thrasio laid off one-fifth of its workforce.¹⁶ In 2023, Thrasio's losses rose to $3 million per day.¹⁶ Thrasio accumulated $425 million in excess inventory at the end of 2022.¹³

Thrasio heavily discounted products to deal with high inventory levels when demand dropped, which destroyed their margins.¹³ Thrasio chased and overpaid for acquisitions while hiring too many employees and overspending on non-core businesses.¹³ Thrasio laid off approximately 20% of its workforce in 2022, but the cuts came too late.¹³ E-commerce growth had normalized and interest rates had climbed at the end of 2023.¹³ Variable interest rates contributed to Thrasio's financial struggles.¹³

Thrasio's debt service requirements became unsustainable as borrowing costs increased while revenue declined.¹³ On February 28, 2024, Thrasio Holdings, Inc. and 240 affiliated debtors filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.^78111213 Thrasio entered into a restructuring support agreement with approximately 81% of its revolving credit facility lenders and 88% of its term loan lenders.¹¹ The restructuring aimed to eliminate approximately $495 million of existing debt, defer all interest payments in the first year post-emergence, and infuse new capital into the company.¹¹ Thrasio received commitments from certain lenders for up to $90 million in new financing.¹¹

Thrasio continued to operate its business normally and without interruption during the bankruptcy process.¹¹ The bankruptcy court confirmed the plan on June 13, 2024, and Thrasio emerged on June 18 after eliminating about $495 million of debt.⁸ The chapter 11 restructuring handed control of the reorganized company to its first lien lenders, cancelled a preferred and common equity stack carrying a liquidation preference of about $2.518 billion, and routed general unsecured creditors to a litigation trust.⁸ In December 2025, the trust reached a $65 million settlement of those claims for general unsecured creditors.⁸ CNBC reported on April 24, 2024, that Thrasio lost its CEO and other top executives as the company worked through bankruptcy.⁹

Thrasio emerged from bankruptcy in June 2024, having eliminated $495 million in debt and secured $90 million in new financing.¹² The new Thrasio focused on a handful of top-performing brands, selling off or shutting down the rest.¹² Thrasio cut from over 200 brands down to approximately 40 brands during restructuring.¹³ S&P Global Ratings noted that Thrasio continued generating negative EBITDA and negative free operating cash flow throughout the bankruptcy process despite the reduced debt burden.¹³ For 2025, Thrasio is forecast to generate $324 million in revenue, less than one-third of what it did in 2022 ($1.3 billion), with an EBITDA margin of -14%.¹⁶

Legal outcomes

• filedThrasio Holdings, Inc. and 240 affiliated debtors filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey on February 28, 2024.^78111213
• filedThe Thrasio Legacy Trust held claims against a defined group of founders and early executives.⁸
• settledIn December 2025, the Thrasio Legacy Trust reached a $65 million settlement of those claims for general unsecured creditors.⁸

Where the founders are now

Co-founder Joshua Silberstein left the company in September 2021.¹⁶ Co-founder Carlos Cashman left the company in August 2022.¹⁶ The Thrasio Legacy Trust held claims against a defined group of founders and early executives, and in December 2025 the trust reached a $65 million settlement of those claims.⁸

Lessons, as others put them

"Thrasio didn't fail because the Amazon marketplace is impossible. They failed because they made a specific set of mistakes—mistakes that felt like smart, aggressive business moves at the time."Dillon Carter, Co-Founder, COO at Aura¹²

"The difference? When you're burning through billions, those mistakes take a few years to catch up with you. When you're working with your own capital, they can sink you in a few months."Dillon Carter, Co-Founder, COO at Aura¹²

Sources

1. Thrasio Revenue, Valuation, Funding & Investors | Multiples, multiples.vc, Sep 18, 20
2. Thrasio Reaches $1B Valuation, Sets New US Speed Record for Unicorns, prnewswire.com, 2020-07-15
4. Thrasio Raises $1 Billion at a $10 Billion Valuation for E-Commerce Industry — Silicon Valley Investclub, Silicon Valley Investclub
5. Thrasio Stock for Accredited Investors | Pre-IPO Shares | UpMarket, Alternative Investments Curated for Accredited Investors, 2022-11-17
7. Thrasio Holdings, Inc., et al., veritaglobal.net
8. Thrasio Hands Lenders Control After $495M Debt Cut, ElevenFlo, 2026-02-03
9. Amazon aggregator Thrasio loses CEO, other top execs as company works through bankruptcy, CNBC, Apr 24, 20
11. Thrasio Initiates Chapter 11 Bankruptcy Process in New Jersey, news.bloomberglaw.com, 2024-02-28
12. What Thrasio's Bankruptcy Teaches Every Amazon Seller About Survival, Aura, Dec 11, 20
13. Critical Thrasio Lawsuit Cash Flow Lessons Every E-Commerce Owner Must Know, K-38 Consulting, 2026-05-19
16. Rollups from Hell Vol.3 - Thrasio: ATM for the founders with an Amazon side hustle, RollUpEurope, 2025-11-13
17. Thrasio Announces CEO Transition to Drive the Next Phase of Growth, prnewswire.com, 2022-05-02

How this case file was put together

Every statement on this page carries a numbered note, and every note points to a court record, a regulatory filing or a named publication in the list of sources. Each statement was checked against the text of the sources it cites before it was published: a figure, a date or a name the cited source does not contain was cut rather than kept. Allegations are shown as allegations, with their status at the time of the source (filed, charged, convicted, pleaded, settled, dismissed or pending). Quoted lessons are the words of the person or publication named with them, copied from the cited source; nothing here is our own opinion of why the company failed.

If a fact on this page is wrong, use "Report an error" below and attach the record that shows the correct fact. Every report is reviewed by a person before anything changes, and a corrected page says when it was last corrected.

All case files2024e-commerce

Tools for this story

Each opens in a new tab, filled in for Thrasio. With no account yet, you sign up free and land on the result.

• Get an alert when Thrasio is mentioned again
• Find former Thrasio employees to interview
• Pull every filing and case for Thrasio
• Verify a claim or statistic