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The company, which buys small businesses on Amazon and manages them, will replace CEO Carlos Cashman, Thrasio’s only remaining founder, with former Amazon Global Prime leader Greg Greeley, Insider reported. Layoffs will likely affect the company’s marketing, brand, and creative operations.
News of layoffs at Thrasio come after the company reportedly nixed plans to go public through a SPAC last year. And the shakeup also comes amid a bit of a market correction.
Turmoil in the public markets is starting to trickle down to the private markets and newly-public companies. Startups are tightening their spending and investors appear to be more cautious when it comes to doling out funds. Robinhood, which went public last year, announced last week that it would cut around 9 percent of its employees.
And while Massachusetts-based Thrasio is the latest high-profile company to lay off employees, it may not be the last in the near future.
Thrasio raised around $3.4 billion in funding from investors including Silver Lake and JP Morgan Chase, per Crunchbase data. Investors gave the company a $10 billion valuation after its $1 billion Series D round in October 2021.
Illustration: Dom Guzman
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