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Thrive Market raises $111 million for online organic grocery store

Los Angeles-based Thrive Market, an online retailer of health foods, vitamins and beauty products, has raised $111 million in new funding led by Invus. Existing investors Greycroft Partners, e.ventures and Cross Culture Ventures also participated in the round. As part of the funding, two executives from the investment firm Invus will join the board, which already includes Greycroft Partner Dana Settle. Thrive, which competes with similar online grocery services like Vitacost, believes there is a significant market opportunity to make natural foods more accessible to consumers and they’ve been growing fast. Launched less than two years ago, the startup is on track for over $120 million in annual revenue, the team told TechCrunch. Thrive cuts out the middleman and buys from brands directly, which is why the company is able to offer items that are at a lower price point than what you see at Whole Foods and other health food stores. While there is a $60 annual membership fee, the company promises that Thrive goods are available for up to 50% off standard retail prices. There are now more than 300,000 paying members. Brands include Annie’s, Zico, Yogi and Thrive’s own name-bearing products. In addition to organic, Thrive also carries gluten-free, paleo-friendly and GMO-free items.


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