Total amount raised
$159 Million
Latest funding date
10/1/2016
Location
Thrive Market has raised over $13 million to support its mission of making healthy living easy and affordable. The platform offers a wide range of organic and non-GMO groceries, promising savings of up to 30% compared to traditional grocery stores.
Keep reading to explore the intricacies of Thrive Market's fundraising journey and the investors backing this innovative platform.
What Is Thrive Market?
Thrive Market operates in the online grocery delivery and e-commerce industry, specializing in organic and non-GMO products. The company aims to make healthy living easy and affordable by offering high-quality, sustainable products at discounted prices.
Thrive Market follows a membership model that provides benefits such as price matching, free gifts on qualifying orders, and additional savings on recurring shipments. The company is also committed to social and environmental responsibility, including donating memberships to families in need and maintaining zero waste certified warehouses.
How Much Funding Has Thrive Market Raised?
- Seed Round
- Amount Raised: USD 8,000,000
- Date: January 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the business and develop the initial product offering.
- Series A
- Amount Raised: USD 30,000,000
- Date: July 2015
- Lead Investors: Greycroft
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and market reach.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further solidify the company's financial foundation.
- Series B
- Amount Raised: USD 111,000,000
- Date: June 2016
- Lead Investors: Invus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business further.
- Convertible Note
- Amount Raised: USD 10,000,000
- Date: October 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure funding after being rejected by traditional VCs and leverage influencers' networks.
- Series B
- Amount Raised: USD 20,000,000
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue expanding the company's market presence.
- Series B
- Amount Raised: USD 42,400,000
- Date: July 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product offerings.
- Convertible Note
- Amount Raised: USD 20,000,000
- Date: October 2019
- Lead Investors: Invus
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion initiatives.
Total Amount Raised: USD 241,400,000. Current Valuation: Not publicly disclosed.
Key Investors
- Invus
- Details: Invus is a private equity firm that invests in companies with transformative business models. They led the $111 million funding round for Thrive Market.
- Investment Focus Areas: Consumer products, healthcare, technology.
- Notable Investments: Blue Buffalo, Lexicon Pharmaceuticals, Weight Watchers.
- Greycroft Partners
- Details: Greycroft Partners is a venture capital firm that focuses on early-stage investments in internet and mobile companies. They led the $30 million Series A funding round for Thrive Market.
- Investment Focus Areas: Internet, mobile, digital media.
- Notable Investments: Venmo, The RealReal, Scopely.
- E-Ventures
- Details: E-Ventures is a venture capital firm that invests in early-stage technology companies. They participated in the $111 million funding round for Thrive Market.
- Investment Focus Areas: Technology, internet, software.
- Notable Investments: Angie’s List, AppFolio, NGINX.
- Cross Culture Ventures
- Details: Cross Culture Ventures focuses on companies that are culturally relevant and have the potential to impact global culture. They participated in the $111 million funding round for Thrive Market.
- Investment Focus Areas: Consumer products, media, technology.
- Notable Investments: Mayvenn, Blavity, Wonderschool.
What's Next for Thrive Market?
Thrive Market stands at the cusp of significant growth opportunities, driven by a burgeoning interest in organic, non-GMO products. The company has successfully tapped into a demographic often overlooked by traditional VCs, such as suburban mothers in the Midwest, leveraging influencer marketing to build a robust customer base.
Future fundraising prospects appear promising, with Thrive Market's proven ability to attract substantial investments from both traditional and non-traditional sources. The company's innovative approach and market potential make it an attractive target for further funding and possible acquisitions.
However, challenges remain. Thrive Market must sustain its growth momentum and navigate competition within the organic and natural food space. Overcoming initial skepticism from traditional VCs and ensuring long-term success will be crucial as the company continues to expand its reach.
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