Investment will allow ThriveCart to accelerate product roadmap, grow team and create best-in-class cart experiences for digital product sales
ThriveCart, the leader in shopping cart, sales funnels and educational course creation technology used by small and medium businesses worldwide, announced it secured a $35 million investment from LTV SaaS Growth Fund. ThriveCart also named e-commerce industry veteran Kevin McKeand as CEO.
Josh Bartlett, ThriveCart founder, will continue to drive product innovation, championing the company’s focus on providing growth tools for ThriveCart customers. SaaS M&A advisor FE International served as global coordinator and book runner in connection with the raise.
E-commerce businesses that sell digital products rely on ThriveCart to create high-converting content, cart pages, funnels and affiliate campaigns.
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“I am eager to continue the success of ThriveCart alongside Josh, our expert team, investors and ThriveCart’s affiliate network — all of whom recognize the impact we are making for business owners. Being surrounded by people who share the same passion for helping entrepreneurs grow their businesses is what propels us forward,” said McKeand. “As we enter 2023, a New Year’s resolution for many is to start or grow their own businesses. This investment from LTV SaaS Growth Fund will help make entrepreneurial dreams a reality for creators worldwide.”
ThriveCart will further invest in its technology, which SMBs already adore for its lifetime license, flexibility, technical support and integration possibilities.
“We have an ambitious product roadmap, including a significant release planned for the first half of this year,” said McKeand. “The investment puts those efforts into overdrive, allowing us to bring new features and technology to our affiliates and customers even faster.”
The company also plans to grow its team to further tap into the thriving creator economy. The investment will accelerate the company’s growth as it offers tools to set up taxes, payments, subscriptions, coupons and marketing solutions, as well as build and manage affiliate programs.
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“Working daily with entrepreneurs, I see firsthand how valuable ThriveCart is for building high-conversion checkout experiences,” said Gemma Bonham-Carter, a business strategist and member of ThriveCart’s affiliate network. “My customers create and sell content like courses and workshops, and ThriveCart is my go-to recommendation to help these creators close more sales. I’m eager to see what the ThriveCart team will do next to help even more entrepreneurs prosper.”
ThriveCart’s platform is specialized for creators and businesses that sell digital products such as lessons and tutorials. Platform features include profit boosters, upsell abilities, tool integrations and real-time business insights, as well as ConvertBox, an on-site engagement platform for personalized offers and lead capture forms.
The $35 million investment follows the release of ThriveCart’s newest feature, Learn Plus, a course creation tool that works seamlessly with its funnel builder, cart and checkout, making it ideal for coaches and online course creators. ThriveCart currently supports tens of thousands of businesses that collectively processed more than $1 billion in sales in 2022.
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