Thrive Market is thriving. The multibillion-dollar e-commerce company burst onto the scene in 2016 with its online grocery delivery idea. The idea came about long before online grocery shopping became normalized during the pandemic, putting Thrive Market well ahead (and well equipped) to stand out among its peers. Nick Green, one of the company's co-founders, stopped by Found to chat about his company and how the market has evolved since he first launched it.
“For conscious consumers who want to vote with their money and make good decisions for their family, their health and also for the planet, ultimately we're trying to build a one-stop shop where they can get all their stuff at Thrive. ,” He told us.
Green talked about how important it was to found a company like this: the cost of healthy foods has skyrocketed in the US, and to make matters worse; Many families do not live in areas that allow them to access healthy foods. These areas are known as food deserts and have become a growing problem in this country. This argument is what helped Thrive Market become the first online grocery retailer approved by the USDA to accept food stamps.
“That's a big turning point for people, the tens of millions of American families who use this as a way to shop,” Green said. “The problem has been huge for a long time.”
However, fundraising was not easy for a company like this. Investors weren't necessarily bullish on the idea of buying groceries online at the time, and the logistics of any food company are enough to scare away even the most famous checkbookers. Thrive Market had to raise money from content creators and influencers until venture capitalists caught on to the trend. Since then, the company has made more than $500 million in sales and raised more than $200 million to date in fundraising.
Green also talked about being a serial entrepreneur and what he carried with him from the first time he tried to start a business. He learned about having a co-founding team with diverse skills and the importance of having a business with a mission. He also briefly talked about some of the social initiatives Thrive has and its impact arm, which has raised $13 million to date. The company also gives away free membership to low-income families so that they too can use the service.
“We feel like we've done a lot, but we're really just getting started.”
