AAA Thrive Market prospers with $30m series A

Thrive Market prospers with $30m series A

US-based wholesale buying club Thrive Market secured $30m in series A funding yesterday from backers including media company Scripps Network.

The round was co-led by Greycroft Partners and E.Ventures, which invested alongside a range of angel investors and, according to TechCrunch, CAVU and Powerplant Ventures.

Launched in November 2014, Thrive operates a buying club which consumers can join for a $60 annual fee in order to gain access to an onlne shop selling organic foods, eco-friendly cleaning products and other health-conscious goods.

Thrive purchases the products in bulk upfront, passing savings on to its members. It offers one free membership for a low-income family per paying user, and aims to accept state-issued food stamps by early 2016.

The company previously secured $8m in convertible notes from a consortium of angel investors.

Gunnar Lovelace, founder and co-CEO of Thrive, said: “Thrive Market is on a mission to make healthy living affordable for every American family.

“Our growth to over 100,000 members in the last nine months shows that the market is ready, and with this fundraising, we will be accomplishing our mission even faster.”

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