GrubMarket has announced that it raised $90 million in an oversubscribed Series D financing round last year to accelerate its nationwide expansion.
The company’s business comprises a commercial segment, a direct-to-consumer segment and GrubMarket’s software platform, WholesaleWare.
The new capital came from funds and accounts managed by BlackRock, ACE & Company, Celtic House Venture Partners, Sixty Degree Capital, The Strand Partners and others.
“I want to thank all of our supporters. Series D round was many times oversubscribed as we originally intended to raise no more than $30 million,” said GrubMarket CEO, Mike Xu.
“Delivering ultra-high growth and profitability remains the priority in all of our geographies. With this injection of capital, we will deepen our investment in people, technology and acquisitions to reach the next level of success.”
Xu added: “Above all, the only and ultimate success criterion of my entrepreneurial pursuit is whether I can scale up GrubMarket to eventually achieve $100 billion of annual sales.”
The funding announcement follows a series of milestones for GrubMarket, including expanding to four new states in 2020.
The company also completed a number of acquisitions last year – including of Grand Food and Best Fresh Produce – as part of its national expansion strategy.
GrubMarket claims that its ‘producer-centric’ business-to-business platform offers a ‘clear price advantage’ for market participants.
The company’s customers include more than 5,000 grocery stores, over 8,000 restaurants and a couple of thousand corporate offices.
Whole Foods Market, Kroger and Albertson are all among its retail customers, while GrubMarket’s meal kit and e-grocery customers include Hello Fresh, Fresh Direct and Imperfect Foods.
© FoodBev Media Ltd 2022
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