ThriveCart raised $35 million in funding this week from LTV SaaS Growth Fund, a U.S.-based private equity firm that invests in SaaS and software companies.
With the new capital, Austin-based ThriveCart plans to grow its platform and team. Alongside the funding announcement, the company named Kevin McKeand as its new CEO.
ThriveCart is an online platform that provides tools and tech for small to medium-sized e-commerce businesses specializing in digital products, like tutorials or lectures. With ThriveCart, those businesses get access to tools to create checkout pages, affiliate links and other features. The platform helps businesses build out and optimize their e-commerce operations and has various integration with payment processors and e-commerce sites such as Stripe and PayPal.
ThriveCart was founded in 2016 by Josh Bartlett and since has become a popular tool for businesses. According to TechCrunch, ThriveCart processes over $1 billion in sales annually.
With the new funding, ThriveCart plans to further tap into the creator economy by adding new tools to its platform. The creator economy refers to the millions of content creators on platforms like YouTube, TikTok and Instagram who make money by posting on those sites or through sponsorships. Although the creator economy market is relatively new, it is valued at $104.2 billion, and ThriveCart aims to grow its platform for that market.
New tools coming to ThriveCart in the near future will help customers manage taxes, payments, subscriptions and marketing. The new features and the company’s planned headcount expansion will aid in breaking into the creator economy, according to ThriveCart.
“We have an ambitious product roadmap, including a significant release planned for the first half of this year,” McKeand said in a statement. “The investment puts those efforts into overdrive, allowing us to bring new features and technology to our affiliates and customers even faster.”
