Aussie-founded retail media ad network Thanks raises $4.1m in seed round as revenue surges

The network, which was launched in 2023 by former Zip Co (ASX: ZIP) employees Steve Tesoriero, Cayley Ostrin and Doron Ostrin, is carving a niche in the $100 billion retail media industry and is currently achieving 20 per cent month-on-month growth by enabling publishers to “unlock meaningful revenue”.

Now headquartered in New York, but with most of its team still based in Sydney, Thanks is eying further growth after securing three new multinational partnerships with eBay, Zip and Sezzle to deliver curated offers to customers.

Steve Tesoriero and Doron Ostrin are co-CEOs of Thanks while Cayley Ostrin is head of experience. All three met while working at Zip Co in Australia as part of the global team.

The trio of founders established Thanks to transform advertising from a “blight on the user experience” to a true value-add that “makes shoppers feel valued”.

The founders say that the saturation of digital ads within “high-purchase intent moments” threatens the customer journey by eroding brand trust and diminishing lifetime value.

Thanks, which growing rapidly across the US, UK, Australia and New Zealand, curates meaningful connections between brands and audiences, enabling publishers to maximise revenue while delivering rewarding experiences to customers.

“We’re all customers at the end of the day, and we all navigate - and often avoid - the constant bombardment of ads,” says Tesoriero.

“We built Thanks because we believe the relationship between advertisers and customers should be rewarding, but it must be delivered in a way that respects the customer and adds value to their day.”

Thanks works with a raft of major publishers including events ticketing platform Humanitix, a relationship that kicked off in Australia and later was rolled out to Humanitix US.

The company achieved the same outcome with eBay Australia, since rolling out the partnership to include eBay US and beyond, while it is also partnering with Zip in Australia and the US.

Over the past two years, despite rapid expansion into the US and the UK, most of the Thanks team, including all engineering and product, has remained Australia based. 

In an industry where traditional advertisements are intrusive and platform-focused, Thanks says it is redefining digital advertising with its customer-first approach.

Partnering with a growing network of retail marketplaces, ticketing platforms and e-commerce brands, the company currently delivers “engaging, curated offers that enhance, rather than obstruct, the user experience” to about 20 million customers a month.

Thanks reveals that it is also boosting its partners’ click-through rates by up to 660 per cent and unlocking new revenue streams.

“We’ve always focused on enhancing the customer journey,” says Jake Necklen, senior director of marketing at Sezzle, a US-based buy-now-pay-later fintech.

“Thanks not only drives incremental revenue but also provides customers with compelling, relevant offers at the perfect moment, which drives higher repeat usage and retention.”

Commenting on the seed round investment, Amanda Herson, the general partner at Founder Collective, sees Thanks carving a critical niche in the multibillion-dollar retail media sector.

“Acquisition is broken- retention is everything,” says Herson.

“Customers want to feel valued when they buy, which is why brands like Sezzle and eBay partner with Thanks.

“We back founders, not just ideas, and I’m incredibly impressed by Doron, Cayley, and Steve’s vision to scale while keeping customer delight and brand authenticity at the core.”