This Startup's Revenue Exploded From ~ $10 To ~$30 Million Last Year

Ben Lerer Thrillist office tour

Photo: Dan Frommer, Business Insider

No, Thrillist won’t be eyeing an IPO anytime soon. But its business has grown leaps and bounds in the past year.We spoke with cofounder Ben Lerer who updated us on all of the numbers.

In the past year, Thrillist’s revenue has more than tripled. Lerer says it grew from $10-15 million to more than $30 million. 

A large part of the revenue surge comes from Thrillist Rewards, Thrillist’s local deals business.

Another significant chunk of change is being generated by Thrillist’s 2010 JackThreads acquisition. JackThreads, which sells fashionable clothing for men at discounted rates, has grown tremendously.  Lerer says JackThreads now generates more for Thrillist in one day than it did in an entire month in 2010.  Its members have grown from 500,000 to 1.5 million too. Thrillist/Rewards subscriptions have grown from 2 million to three million in the past year.

Two weeks ago Thrillist launched an Android and iPhone mobile app for JackThreads.  Lerer says its popularity has exceeded all expectations.  “It has already reached 100,000 downloads and 20% of JackThreads’ revenue is being generated via mobile,” says Lerer.

Thrillist is expecting an even bigger 2012 and will add about 100 more employees this year. Lerer believes revenue will double again too. 

As for an IPO, his business isn’t there yet, but Lerer would like to get Thrillist on that trajectory.

“We’re thinking now about doing the things companies do when an IPO is the road they’re generally on,” says Lerer.  “We’re not in the mode of putting lipstick on the pig.  Thrillist isn’t nearly ready to IPO, but we’re building the company and thinking really long term.  It’s really about controlling your own destiny and building a great business.”

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