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.