Thrive Market is one of the fastest growing e-commerce companies we have seen growing from zero to nearly $100M in revenue in two years.
Thrive has a mission to provide healthy, organic and natural products to people of all economic means. Thrive employs a subscription model, $60 per year for access to a curated catalog of non-perishable natural and organic products at wholesale prices. They offer free subscriptions to teachers, students and to applicants who qualify as low-income households. In addition, Thrive runs a program called Thrive Gives whereby Thrive customers can donate a % of their savings to Gives which is then provided ratably to low-income qualifying customers. Thrive Gives has raised and given out nearly $1M.
Greycroft led the first institutional financing round from our Growth Fund and serves on the board of directors. Prior to investing we introduced and helped recruit the CFO, former CFO from Bonobos who was introduced to us by Brian Spaly from Trunk Club (and Bonobos). We also supported them in raising the Series B round of funding led by Invus who invested $100M into the business to fund its long term growth.
The Company was founded by serial entrepreneurs, Gunnar Lovelace, who was raised on an organic farm and Nick Green, who was a debating champion in high school and started his first company while a freshman at Harvard. We passed on the seed round, pre-launch of the business and when they returned less than a year later, the company was dosing $3.5M in monthly revenue (just seven months after launching). We quickly submitted a term sheet to lead the Series A.