The prosperous market is booming. The billion-dollar e-commerce company burst onto the scene in 2016 with its online grocery delivery idea. The idea came long before online food shopping became normalized during the pandemic, giving Thrive Market a head start – and making it well-equipped – to stand out from its peers. Nick Green, one of the company’s co-founders, stopped by Found to discuss his company and how the market has evolved since its launch.
“For conscious consumers who want to vote with their money and make good decisions for their family, for their health and also for the planet, we are ultimately trying to create a one-stop shop where you can get all your products on Thrive,” he told us.
Green spoke about the importance of founding a company like this: The cost of healthy foods has skyrocketed in the United States, and to make matters worse; many families do not live in areas that give them access to healthy food at all. These areas are known as food deserts and are a growing problem in this country. It’s this argument that helped Thrive Market become the first online grocery retailer that the USDA approved to accept food stamps.
“This is a watershed moment for people, the tens of millions of American families who use this as a form of shopping,” Green said. “The problem has been huge for a long time.”
Fundraising hasn’t been easy for a company like this, however. Investors weren’t necessarily optimistic about the idea of online grocery shopping at the time, and the logistics of any food company are enough to scare even the most reputable check writers. Thrive Market had to raise money from content creators and influencers until venture capital firms picked up the craze. The company has since achieved more than $500 million in sales and has raised more than $200 million in fundraising to date.
Green also talked about his status as a serial entrepreneur and what he took with him from the first time he tried to start a business. He learned about having a co-founding team with diverse skill sets and the importance of having a company with a mission. He also spoke briefly about some of Thrive’s social initiatives and its impact arm, which has, to date, raised $13 million. The company also offers free membership to low-income families so they can also use the service.
“We feel like we’ve done a lot, but we’re just getting started.”
techcrunch
