JCPenney’s Bill Wafford Joins as Chief Financial Officer and Thrasio adds $100 million Series C-3 raise at 50% Step Up to January 2021 Valuation
Thrasio, the consumer goods company reimagining omnichannel commerce and consumer products, released two major announcements today: the closing of a final tranche of Series C equity and a key CFO hire to join the senior leadership team.
The latest $100 million tranche closes out an already robust Series C, and brings total capital raised since December to $1.35 billion. Following recent announcements that Thrasio had closed on almost $500 million in debt financing and $750 million in equity financing. Thrasio made room for existing investors that could not get enough capacity in prior rounds. These Series C-3 investments were made at a 50% step up in valuation relative to the last round.
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Thrasio also announced the appointment of global retail and consumer brand industry veteran Bill Wafford as Chief Financial Officer. Wafford joins Thrasio from JCPenney, where he served as CFO and led the lauded turnaround and transition efforts for the retail brand–restructuring the company, saving over 60,000 jobs, and setting the stage for JCP’s future success. A seasoned finance expert with a consumer-focused background, Wafford was formerly the CFO at another public company, The Vitamin Shoppe, and held senior financial roles at Target and Walgreens in the US and overseas leading the expansion of their venture capital portfolio and driving profitability of their retail businesses.
“Thrasio’s trajectory and the speed at which it has achieved growth is impressive to say the least, especially how they’ve capitalized on the market changes that have occurred over the last twelve months,” said Bill Wafford, Chief Financial Officer. “I’ve been delighted to discover an energizing, team-minded culture that embraces experimentation and adaptability. I’m thrilled to take on the role to prepare the organization for its next phase of growth.”
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“Bill is the right person to steer our financial organization through Thrasio’s next chapter,” says co-founder and co-CEO Josh Silberstein. “Bill’s extensive experience as a leader at multi-billion-dollar global retail and consumer brands and his strong understanding of complex marketplaces will be invaluable to Thrasio as it continues to expand into new geographies and channels.”
Joe Falcao will move into a newly created role as SVP, Finance and Treasurer, helping Thrasio scale its treasury, tax, and international finance functions. “Joe has helped us navigate all of our biggest milestones and we’re grateful for his team’s hard work in getting us to this point,” said Thrasio co-founder and co-CEO Carlos Cashman. On the future of the company, Cashman remarked, “Our management team is formidable–a seasoned group of experts with tremendous combined experience at acquiring, developing, and growing global consumer brands.”