LOS ANGELES – Online organic and natural foods grocer Thrive Market, based in Los Angeles, California, sold a $29.29 (US) million stake in its firm to Seoul, Korea-based GS Retail, according to The Korea Herald.
The Korean firm, parent company of GS25 convenience stores and GS Supermarket, is looking to not only learn from Thrive’s unique business model, which saw exponential growth since its start in 2014 but feature several of Thrive’s more popular items in its own retail operations.
Earlier this year, Thrive co-founder Gunnar Lovelace told FoodNavigator-USA that the company has experienced such a growth spurt over the past few years that it “had to stop marketing because the business was growing so fast we couldn’t handle the scale. This year alone we’ll grow well over 50 percent,” he said.
Lovelace also told FoodNavigator that the company had identified more than $250 million in potential capital from interested aligned investors.
How it works
Thrive has streamlined the retail model offering its more than 400,000 members access to a curated list of organic and non-GMO products including food and health and beauty products at a wholesale cost. All items are shipped to its customers in 100 percent recyclable packaging and its shipping facilities are zero waste.
Memberships cost approximately $59.95 for a year. According to the company, each new membership sponsors a free membership for a low-income family.
For more information, visit thrivemarket.com.