Company On the Rise: Thrive Market

 

Los Angeles based Thrive Market, founded in November 2014, has quickly and quietly blown up over the last year.

The online wholesale marketplace is the first socially conscious virtual retailer, selling more than 2,500 products ranging from almond butter to shower gel. The membership-based service provides consumers with exclusive access to products at 25 to 50 percent off retail prices. The company has scaled in record fashion, closing a $30 million Series A round in July 2015 and doubling in growth every month since its inception.

"What’s so exciting about Thrive is that it’s a hyper-scalable business with a fully integrated social mission. To date, there have not been many social enterprise companies that have really scaled, and we’re very excited to prove that thesis and inspire other entrepreneurs to solve social challenges with business." - Gunnar Lovelace, Co-Founder

First Year Milestones:

  • Expanded from 15 full-time employees to more than 350
  • Opened a 350,000+ square foot, state-of-the-art fulfillment center in October 2015
  • Became the largest online retailer of exclusively non-GMO products
  • Launched first Thrive Market branded product SKU (organic, fair trade, virgin coconut oil)
  • Closed $30 million Series A round led by Greycroft Partners and e.Ventures, with participation from Scripps Networks, the founders of The Honest Company, TOMS Shoes, Vitaminwater, Stonyfield Farm, and Zulily
  • Fun Fact: Each full-priced membership sponsors a free membership for a low-income family to be able to access healthy, wholesome food at discounted rates. The company released a direct giving application last year, which enables low-income families, teachers, students, first responders, and veterans to apply for and be instantly approved for their free Thrive Market membership.

Thrive Market

Photo: Thrive Market

This article appeared in Issue 5 | Jan/Feb 2016

To read more inspiring articles from Issue 5, including our cover story featuring Daniel Lubetzky, Founder and CEO of KINDSnacks, purchase a copy of Issue 5 online!

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