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Thrive Market’s Nick Green talks building a billion-dollar grocery company

The market is good and thriving. The multi-billion-dollar e-commerce company rose to prominence in 2016 with the idea of ​​online grocery delivery. The idea was born long before online food shopping became normalized during the pandemic, putting Thrive Market well ahead of the curve and well-equipped to stand out among its peers. Nick Green, one of the company’s co-founders, visited Found to talk about his company and the evolution of the market since he first launched.

“For conscious consumers who want to vote with their dollars and make the right decisions for their families, their health, and the planet, we’re ultimately trying to build a one-stop shop where you can shop your of everything. ,” he told us.

Green talked about the importance of starting a company like this: The cost of healthy food has skyrocketed in the United States, and to make matters worse; many families live in areas where access to healthy food is simply unavailable. These areas are known as food deserts and have become a growing problem in the country. That argument helped Thrive Market become the first online grocery retailer approved by the U.S. Department of Agriculture to accept food stamps.

“This is a huge watershed moment for people, and for millions of American families, this is the way they shop,” Green said. “This issue has been a huge problem for a long time.”

However, raising capital is not easy for such a company. 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 away even the most famous check writers. Thrive Market will have to raise money from content creators and influencers until VCs jump on the bandwagon. The company has since surpassed $500 million in sales and has raised more than $200 million in funding to date.

Green also talked about being a serial entrepreneur and what he went through when he first tried entrepreneurship. He learned the importance of having a team of co-founders with diverse skill sets and having a business with a mission. He also outlined some of Thrive’s social initiatives and its impact arm, which has raised $13 million to date. The company is also giving away free memberships to low-income families so they can use the service as well.

“We feel like we’ve done a lot, but we’re really just getting started.”

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