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

Thrive Market is well, thriving. The billion-dollar e-commerce company splashed onto the scene in 2014 with its idea of online grocery delivery. The idea came way before buying food online was normalized during the pandemic, putting Thrive Market well ahead — and making it well equipped — to stand out among its peers. Nick Green, one of the company’s co-founders, stopped by Found to chat about his company and the market’s evolution since he first launched it.

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

Green spoke about how important founding a company like this is: The cost of healthy food has skyrocketed in the U.S., and to make matters worse, many families do not live in areas that give them access to healthy food at all. These areas are known as food deserts and have become an increasing problem in this country. This argument is what helped Thrive Market become the first online grocery retailer that the USDA approved to accept food stamps.

“That’s a huge watershed moment for people, the tens of millions of American families who use this as their form of shopping,” Green said. “The problem has been huge for a long time.”

Fundraising wasn’t easy for a company like this, however. Investors weren’t necessarily bullish on the idea of online groceries at the time, and the logistics of any food company are enough to scare away even the most storied check writers. 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 to date in fundraising.

Green also spoke about being a serial entrepreneur and what he carried with him from the first time he tried launching a business. He learned about having a co-founding team with diverse skill sets and the importance of having a business with a mission. He also briefly spoke about some of the social initiatives Thrive has and its impact arm, which has, to date, raised $13 million. The company also gives away free membership to low-income families so that they also can use the service.

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