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Thrive Global Raises $80 Million Series C

July 23, 2021 BeautyMatter
July 23, 2021
Dan Meyers

Thrive Global has raised an $80 million Series C round co-led by Kleiner Perkins and Owl Ventures.

WHO: Thrive Global is a leading behavior change technology company founded by Arianna Huffington in 2016 with the mission to end the stress and burnout epidemic. Thrive helps individuals and organizations improve well-being, performance, and mental resilience with its AI-powered behavior change technology platform. Thrive's Microsteps—small, science-backed steps to improve health and productivity—have been adopted by employees at more than 100 organizations in over 40 countries, from frontline and call center workers to executives at multinational companies.

WHY: The close of this funding gives Thrive the resources to accelerate its growth and impact. Thrive will expand its product, engineering, and design teams and invest in its data science, AI, and machine learning capabilities to build an even more intelligent Microstep engine. Thrive will add more resources to the development of its cutting-edge Mental Resilience Dashboard. The company will also double down on hiring for its go-to-market teams and building a business development team. Altogether, the new funding will enable Thrive to continue scaling its impact at both the individual and organizational level, delivering a clear ROI for its customers.

IN THEIR OWN WORDS: "When I founded Thrive Global four-and-a-half years ago, the problems of burnout and the mental health crisis were still gaining mainstream recognition," said Arianna Huffington, founder and CEO of Thrive Global. "But the pandemic highlighted the themes at the heart of Thrive's mission like never before, bringing employee well-being, mental health and resilience to the top of companies' agendas. And now as we're facing a once-in-a-generation opportunity to redefine work and productivity, this is where our mission and our platform meet the moment. This new funding is a validation of all we've accomplished so far—but more important, it enables us to fulfill our vision of shaping the future of the employee experience."

Thrive Global has developed a methodology using science and years of testing and iterating to crack the code on behavioral change, moving people from awareness to action. Today, their team is helping the world's leading companies, and their people, build healthy habits through inspirational storytelling and science-backed Microsteps to help navigate their new normal with less stress and greater resilience. Just a year into the platform launch, they've impacted millions of lives," said Mamoon Hamid, Partner at Kleiner Perkins. "We're proud to lead Thrive Global's Series C and partner with Arianna Huffington and the team on their mission to end the stress and burnout epidemic and unlock human potential.

With its science-backed approach to behavior change, emphasis on mental health and resilience, and ability to create communities of support, Thrive Global has been ahead of the curve in so many ways," said Ian Chiu, Managing Director at Owl Ventures. "We at Owl Ventures are particularly excited by the transformative potential of Thrive Global's SaaS platform to teach employees and organizations around the world how to build healthy habits in an increasingly dynamic and challenging world. We are thrilled to be co-leading Thrive Global's Series C round to propel Arianna and her team to a new stage of global growth and impact.

When IVP led Thrive's Series B, we recognized that Arianna and the team were poised to have a transformative impact on the evolving market for Corporate Mindfulness," said Somesh Dash, General Partner at IVP and a Thrive board member. "Our partnership has helped lay the groundwork for today's Series C milestone and I'm so excited to continue the journey as Thrive moves into a new chapter as an agile SaaS platform driven by a mission that's more relevant than ever to millions around the world.

Thrive has a unique ability to stay true to its core mission while growing, adapting and iterating in an ever-changing world," said Andrew Firlik, a Thrive board member and partner at JAZZ Venture Partners. "That's been true since day one, and now with the close of this new funding, we're going to see it on an exponentially larger scale: a company that knows exactly what it stands for, devoting even more resources to solve our biggest problems at exactly the right moment.

DETAILS:

  • Thrive Global has raised an $80 million Series C round co-led by Kleiner Perkins and Owl Ventures. The round also includes additional investment from existing institutional shareholders IVP and JAZZ Venture Partners, as well as a new investment from funds managed by Goldman Sachs Asset Management.
  • Mamoon Hamid, Partner at Kleiner Perkins, and Ian Chiu, Managing Director at Owl Ventures, will join the board.
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