Industry:
Healthcare

Security Type:
Not Specified

Debt Opportunity

Date Filed:
January 01, 0001

Date Expires:
May 28, 2020

Open to Investors

Platform:
Bioverge

Use of Proceeds

 

Management

RICHARD LIN
CEO
Technology & Product @ SAP, Deliv

JONATHAN HULL, PHD
Head of R&D
M.S. & Ph.D. @ Yale (Chemistry)
Scientist @ Lonza, Clorox, 3M

AJAY DHESIKAN
Head of Growth
CEO @ Daka Labs
Head of Growth @ Because Market
Software Engineer @ TinyRx

Deal Structure

 

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Key Deal Facts

• Notable investors.Unilever Ventures ($500M strategic VC arm of Unilever, a global consumer goods company with $160B market cap and potential acquirer), PivotNorth Capital (firm led by Tim Connors, former Partner @Sequoia Capital, U.S. Venture Partners), Joyance Partners, Shanda, and a major strategic distribution partner (#1 Health & Beauty reseller on Amazon, Walmart, and Ebay) who has also committed to sizable minimum annual sales in 2020 ($3M+) and 2021 ($9M+).
• Press & media. Thryve was recently selected to appear on a hit prime time television show that you would likely recognize (the episode is set to air in January or February next year). Filming took place this week (9/16) - Richard (CEO) can’t tell us how it went, but there is some strong potential strategic value here for investment and resources in addition to the publicity.
• Revenue and Traction. Thryve first launched in Q2’18 and quickly amassed $230K in early revenue. The company’s personalized offering launched in Q4’18 and has since booked $1M+ in total revenue and 15% month-over-month growth. Thryve users are really happy, as evidenced by the fact that 55% remain subscribed after 6 months, an incredibly high retention rate for this type of product.
• Business model. Thryve’s model can be broken down into 2 phases: 1) a data-driven, clinical quality, personalized consumer product that meets/exceeds consumer needs without overpromising and leads to massive aggregation of clean, rich patient data 2) partnering with researchers across academia, Pharma, food, and chemical industries to share/analyze/apply this data to further the science and drive meaningful advances for patients.
• Clinical focus. Thryve’s focus on clinical-grade data and quality control is already paying off. The company has inked 2 deals and has 23+ partnership opportunities in its pipeline (nearly all inbound requests) with household names such as: Roche, Merck, Nestle, Unilever, Bayer, GNC, United Healthcare Group, Pfizer, DuPont, etc.
• Value add. Bioverge and Thryve have the potential to be strong partners moving forward. Specifically, Thryve recognizes the value of Bioverge’s specialized healthcare-focused network and opportunities to engage strategics, potential partners/customers, and academic researcher collaborators. Our Network can provide value-added support to Thryve, such as guidance on new technologies and maintaining/elevating scientific rigor in the ongoing development of products.

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