We love to share success stories! Follow along as one company, Car Cache, is acquired by Thrasio.
- The idea for Car Caché came to entrepreneur Catherine Seifert in a dream.
- The business, which she started in 2018, is now worth millions, according to Thrasio.
- The aggregator bought it after reaching out via email and talking through the partnership.
The idea for Car Caché, a gadget that prevents your handbag from flying around the car, taking up the passenger seat, or sitting on the dirty floor, came to entrepreneur Catherine Seifert in a dream one night in 2018. The next day, she told Insider, she ran to the local fabric store to handcraft a prototype.
A year later, a friend who happened to be a professional organizer saw Seifert in the car with the product and asked for a sample. She was so impressed with its efficacy that she recommended it to a dozen of her organizer friends who were scattered across the country, who subsequently all wanted it for themselves and their clients. The company took off from there.
What’s now a multimillion-dollar business, according to the company, recently sold to Thrasio, a major player in the $10 billion Amazon aggregator space, with the deal closing in July for an undisclosed amount. Thrasio’s raised more than $3.4 billion in funding and bought up more than 200 third-party sellers with the intention of turning them into even bigger name brands.
The deal with Seifert started with an email — she shared how it came to be.
Enter the heavy hitters
Seifert said that it was the success of her product on Amazon alone that ultimately caused a variety of aggregators to make inquiries. While she only ran one ad, an Instagram promotion that looked intentionally homemade, at the time Car Caché was number 24 in a field of more than 500,000 automotive products on the site.
When Thrasio first emailed Seifert at the beginning of December 2020, she said she took one look at their email address — thras.io — and sent the correspondence to her spam folder, thinking the URL looked odd.
Seifert and her husband Dan had only begun to consider selling the business. But as more inquiries from aggregators poured in, Seifert pulled Thrasio’s email from the junk folder. The company became one of three final contenders, winnowed down from 15-20 the pair reviewed, she said.
“Within minutes of doing a background check on them, we realized the successes they’d had,” Seifert said of Thrasio. She added that she did some research online and was able to come up with plenty of information on the company’s legitimacy as well as news on other companies that had sold to the brand. “I knew nothing about this space, but it was easy to narrow it down to the three that we ended up focusing on.”