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Thrasio, once king of e-commerce aggregation, files for Ch.11

Thrasio, the U.S. start-up that raised billions of dollars and popularized the concept of e-commerce aggregation -- buying up and restructuring dozens of

Thrasio raised more than $3 billion in equity and debt over the years to fuel its roll-up play, and its collapse into bankruptcy protection is one of the biggest examples of how mighty growth-stage tech companies have fallen in recent times. “Over the past year, we have made significant progress transforming the business and advancing our objective to introduce hundreds of brands to millions of customers,” said Greg Greeley, Chief Executive Officer of Thrasio, in a statement. Thrasio was a case study in late-stage “startups”: over several years it had raised well over $3 billion in funding across equity and debt rounds — money it pulled together from investors like Silver Lake, Oaktree, Innova and many more — to itself buy up a wide range of smaller e-commerce businesses built to run on Amazon’s fulfilment infrastructure but with little appetite to continue and scale those enterprises on their own.

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