Thrive Market Is Considering an IPO at $2 Billion-Plus Value
(Bloomberg) -- Thrive Market, an online membership-based grocer, is considering an initial public offering and seeking a valuation of more than $2 billion, according to people with knowledge of the matter.
The company is working with Goldman Sachs Group Inc., the people said, asking not to be identified discussing private information. Representatives for Thrive Market and Goldman Sachs declined to comment.
The pipeline for direct-to-consumer listings is building as many of these companies benefited from increased demand during the pandemic. Eyewear seller Warby Parker announced that it has filed confidentially for a listing while food maker Chobani LLC is also gearing up for a listing.
Los Angeles-based Thrive Market is an online grocer that carries mostly premium brands. Members pay a fee to get access and they save an average of $32 on every order as there’s no retail mark up, the company said on its website. It also sells Thrive Market-branded goods.
Founded in 2014, the company raised a convertible note led by investment firm Invus in 2019, according to Crunchbase. Other investors include Greycroft Partners, Headline and MaC Venture Capital
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