Total amount raised
$253.8 Million
Latest funding date
9/1/2024
Location
Grove Collaborative has successfully raised $253.8 million over nine funding rounds, including an IPO in June 2022 and a Post-IPO Equity round in September 2024. The company offers a wide range of eco-friendly and sustainable household products through its e-commerce platform.
What Is Grove Collaborative?
Grove Collaborative, founded by Stuart Landesberg, Chris Clark, and Jordan Savage, is a company dedicated to providing natural and sustainable home goods through a subscription-based service. The company offers a wide range of eco-friendly products, including cleaning essentials, personal care items, and household necessities.
Based in Durham, Portland, and Reno, Grove Collaborative has grown significantly since its inception. The company emphasizes sustainable packaging and bio-based formulas, ensuring that their products are both effective and environmentally friendly.
With a team of 51-200 employees, Grove Collaborative continues to innovate in the eco-friendly market, offering custom subscriptions and personalized delivery schedules to meet the needs of their customers.
How Much Funding Has Grove Collaborative Raised?
- Seed (April 2014)
- Amount Raised: $1,400,000
- Date: April 2014
- Lead Investors: John McAtee, Jeff Clarke, Erik Blachford, Cary Rosenzweig, Taek Kwon, Fleming Corp.
- Motivation Behind the Round: To grow the site’s product selection and begin getting the word out that ePantry exists to interested consumers.
- Seed (February 2015)
- Amount Raised: $3,300,000
- Date: February 2015
- Motivation Behind the Round: To further expand product offerings and enhance customer acquisition strategies.
- Series A
- Amount Raised: $5,000,000
- Date: July 2016
- Motivation Behind the Round: To scale operations and improve the subscription service model.
- Series B
- Amount Raised: $15,000,000
- Date: March 2017
- Lead Investors: Mayfield VC
- Motivation Behind the Round: To support the company's growth and expansion efforts, including marketing and product development.
- Series C
- Amount Raised: $35,000,000
- Date: January 2018
- Lead Investors: Norwest Venture Partners
- Motivation Behind the Round: Marketing through influencers and expanding product offerings.
- IPO
- Amount Raised: USD 97,100,000 (total gross proceeds from the business combination with Virgin Group Acquisition Corp. II and the PIPE investment)
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Motivation Behind the Round: To fuel further growth and solidify market position as a publicly traded company.
- Post-IPO Debt
- Amount Raised: USD 72,000,000 (four-year term loan)
- Date: December 2022
- Lead Investors: Not publicly disclosed
- Motivation Behind the Round: The loan replaced Grove's existing Silicon Valley Bank credit facilities.
- Post-IPO Equity
- Amount Raised: USD 10,000,000 (Series A Convertible Preferred Stock private placement)
- Date: August 2023
- Lead Investors: Volition Capital
- Motivation Behind the Round: Grove said the proceeds will be used for general corporate expenses, growth opportunities and potentially for stock buybacks.
- Post-IPO Equity
- Amount Raised: USD 15,000,000 (cash for Series A' Convertible Preferred Stock)
- Date: September 2024
- Lead Investors: Volition Capital
Total Amount Raised: $253,800,000
Current Valuation: Not publicly disclosed
Key Investors
- Volition Capital
- Details: Volition Capital is a Boston-based growth equity firm. Its Volition Capital Fund IV bought Grove's USD 10 million Series A convertible preferred in August 2023 and paid USD 15 million in cash for Series A' convertible preferred in September 2024.
- Investment Focus Areas: Growth equity in software, internet and consumer companies.
- Notable Investments: Chewy
- Norwest Venture Partners
- Details: Norwest Venture Partners is a venture capital and growth equity investment firm that partners with entrepreneurs to build large businesses. They have a global presence and a diverse portfolio.
- Investment Focus Areas: Technology, healthcare, business services
- Notable Investments: Uber, Spotify, BlueJeans
- Mayfield VC
- Details: Mayfield VC is a venture capital firm that invests in early-stage technology companies. They have a long history of supporting innovative startups.
- Investment Focus Areas: Technology, consumer, enterprise
- Notable Investments: Lyft, SolarCity, Poshmark
- John McAtee
- Details: John McAtee is a Vice President at Google, bringing extensive experience in technology and business strategy. He has been involved in various tech ventures.
- Investment Focus Areas: Technology, consumer products
- Notable Investments: Not specifically mentioned
- Jeff Clarke
- Details: Jeff Clarke is the CEO of Kodak and has a strong background in technology and imaging. He has led several major companies through significant transformations.
- Investment Focus Areas: Technology, imaging
- Notable Investments: Not specifically mentioned
- Erik Blachford
- Details: Erik Blachford is the former CEO of Expedia and Terrapass, with a focus on travel and sustainability. He has a track record of leading successful companies in these sectors.
- Investment Focus Areas: Travel, sustainability
- Notable Investments: Not specifically mentioned
What's Next for Grove Collaborative?
Grove Collaborative stands at the cusp of significant growth opportunities. With a focus on expanding its customer base and leveraging influencer marketing, the company aims to introduce natural products to a broader audience. The potential for developing new product lines, such as hand sanitizers and essential oils, further enhances its market reach.
Grove Collaborative has been listed on the NYSE under the ticker GROV since June 2022. However, the company will need to navigate challenges like competing with giants such as Amazon and maintaining a balance between profitability and environmental commitments. Ensuring consistent product quality and supply chain management will be crucial as they scale.
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