Online Healthy Foods Supermarket Thrive Closes $111 Million in New Funding
Santa Monica-based Thrive Market, an online superstore selling organic food at discounted prices, announced today it has secured $111 million in new funding, led by Invus Group, with participation from existing investors Greycroft Partners, E-Ventures and Cross Culture Ventures.
Thrive Market’s business model is similar to Costco’s, where customers pay annual membership fees (currently $59.95) to get access to “Whole Foods-type products at Costco-like prices,” in the words of co-CEO Nick Green in a Fortune interview. According to recent estimates in the New York Times’ Dealbook, the company now boasts more than 300,000 paid members.
Thrive Market was founded in 2013 with the goal of making the world’s highest quality natural and organic products affordable for every American family. To extend its benefits to a more diverse audience, Thrive also sponsors an annual subscription for one low-income family with every new membership sold. The company previously raised $30 million in financing from a range of investors, including celebrities Demi Moore and John Legend.