Thrive Market's Nick Greene in talks to build billion-dollar grocery company | Tech Crunch

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Thrive Market is well and truly thriving. The billion-dollar e-commerce company hit the scene in 2016 with the idea of ​​online grocery delivery. The idea came before buying food online became normalized during the pandemic, Thrive positioned the market well ahead of time and equipped them well – to stand out among its peers. Nick Green, one of the company's co-founders, stopped by Found to chat about the evolution of his company and the market since its inception.

“For conscious consumers who want to vote with their dollars and make better decisions for their family, their health and the planet, we're ultimately trying to build a one-stop shop where you can get all your stuff at Thrive. ,” he told us.

Green talks about how important it is to start a company like this: the cost of healthy food in the US has skyrocketed and made matters worse; Many families do not live in areas that provide them with healthy food. These areas are known as food deserts and have become a growing problem in this country. Helped Thrive Market become the first online grocery retailer approved to accept USDA food stamps.

“It's a huge watershed for people, 10s of millions of American families, that use this as their form of shopping,” Green said. “The problem has been big for a long time.”

However, raising funds for a company like this is not easy. Investors weren't necessarily bullish on the idea of ​​online groceries at the time, and the logistics of any food company were enough to scare even the most storied checkwriters. Thrive Market had to raise money from content creators and influencers until VCs picked up on the craze. The company has since done more than $500 million in sales and has raised more than $200 million in fundraising to date.

Green also talks about being a serial entrepreneur and what he carried with him from the first time he tried to start a business. He learned the importance of having a co-founding team with diverse skill sets and a business with a mission. He also spoke briefly about some of the social initiatives Thrive has and its impact arm, which has raised $13 million to date. The company also offers 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.”



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