Advent International has helped Amazon.com FBA business acquirer Thrasio to a $1bn valuation by leading a hefty investment round for the company.
Thrasio has picked up $260m through the Advent-led Series C round, just three months after a $110m Series B gave it a $780m valuation.
The company, which buys businesses specialising in selling online through Amazon, has a pro forma revenue of more than $300m on a trailing 12-month basis, a statement detailing the deal said.
Advent’s investment is its first through its $2bn technology fund, which it closed on its hard cap last September.
Advent Tech is focused on growth-oriented companies in software and data subsectors, investing primarily in North America and Europe.
Thrasio said about 80% of its businesses had seen increased growth since the start of the coronavirus, with shoppers less able to get out to brick-and-mortar stores amid global lockdown procedures.
Advent managing partner David Mussafer said, “This is an uncertain time, there’s been a slowdown in the domestic M&A market and we’re seeing a different mix of opportunities.
“We’ve had a lot of experience with consumer products companies in more traditional buyout deals, but I’m excited that we’re building something really special with Thrasio.”
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