I first met Nick and Gunnar last May at dinner with Brian Lee. On the drive over, Brian told me he had a couple of entrepreneurs joining us that I couldn’t leave LA without meeting. I knew within a few minutes that I wanted to work with the Thrive Market team. Their mission to democratize healthy living and make it affordable for every American family really was one I’m incredibly passionate about.
Those who know me know that I’m a huge advocate of healthy living whether that’s mindfulness, exercise, or eating clean. I’m on the board of the Sonima Foundation (chaired by Paul Tudor Jones) along with Deepak Chopra, both of which are investors in Thrive. I’m also an avid practitioner of TM (we have a mindfulness guru on our advisory board, Eddie Stern who works with the portfolio around mindfulness and meditation).
I’m excited to announce today that Thrive Market closed a $30 million Series A led by Greycroft. Thrive uses the Costco model of paying a yearly subscription with deep product discounts to make eating healthy affordable for most Americans. The company also gives away a free membership for every paid one on the site, truly making healthy eating available for everyone.
It’s a mission we’re all very passionate about at Metamorphic, hence why we decided to lead their seed round as the only institution around the table last summer. We don’t typically invest prelaunch in consumer-facing companies, but when we do it’s because we believe whole-heartedly in the founder-market fit.
While we were very excited about the opportunity, never in my wildest dreams did I think the company would grow the way it did in the first year. The company’s growth has been absolutely incredible. In 8 months, Thrive had over 1 million registered users and is the fastest subscription ecommerce company to reach 100,000 members in history. They’ve blown every projection they showed us out of the water. Customer demand and team execution have truly been remarkable.
For the first time in history, organic products can be found in one place; priced at or below the cost of conventional equivalents. A popular joke about Whole Foods is that it should be called “Whole Paycheck” because of how expensive it is to shop there. This has been a big barrier to entry in the organic/healthy food movement. It’s no surprise that over 70 health and wellness thought leaders have invested in the company ranging from Deepak Chopra to Jillian Michaels to Tony Robbins.
Congratulations to the Thrive Market team on building a truly unique and powerful brand and business. While there’s still plenty of work left to do, we’re off to an amazing start in the democratization of organic and healthy products.