Opportunity
Thrillist Media Group, home of Thrillist and JackThreads, was a pioneer in the integration of content and e-commerce. Thrillist was a leading digital-first lifestyle media brand. The company needed a new round of funding to invest in new content verticals, video production, and the growing ad sales team. Meanwhile, JackThreads was in the middle of a pivot to building its Private Label business, as the flash sales era had come to an end. JackThreads needed fresh capital to complete that pivot.
Challenge
The Series B fundraise process hit early headwinds, as media focused investors were leery of DTC e-commerce, and DTC investors didn’t want to invest in a media business. The fact that Thrillist was in high growth mode while JackThreads was in the middle of a pivot further complicated the investor pitch.
Solution
The Series B fundraise process hit early headwinds, as media focused investors were leery of DTC e-commerce, and DTC investors didn’t want to invest in a media business. The fact that Thrillist was in high growth mode while JackThreads was in the middle of a pivot further complicated the investor pitch.
Results
As a standalone media brand, Thrillist was able to dedicate all of its resources toward growing its audience and sales, without the inevitable distractions that came from also trying to manage a DTC brand in transition. The spinout and fundraise laid the groundwork for a much bigger deal 12 months later, when Thrillist merged with three other media brands to create Group Nine Media.