Food technology company GrubMarket has raised $200 million in an oversubscribed Series E funding round, led by Tiger Global Management.
The new capital came from funds and accounts managed by BlackRock, Liberty Street Funds, Apeira Capital, Japan Post Capital, Celtic House Asia Partners, We Capital and Walleye Capital, among others.
This recent round values GrubMarket at over $1.2 billion.
GrubMarket supplies local fresh food online with affordable prices and convenient delivery and manages relationships between food suppliers and customers.
Mike Xu, CEO of GrubMarket, commented: “GrubMarket has already achieved an annual run rate of $1 billion, with over 300% growth this year in ecommerce revenues and over 3500% growth in Saas software sales, while maintaining strong net profitability. Moreover, GrubMarket is aiming to debut on the public market within the next 11 months or so.”
He continued: “In the next two-ten years, GrubMarket will play a critical role in reviving the food ecosystem in the midwest and addressing the demographical inequalities surrounding access to fresh, healthy food, between the west coast, east coast and central regions of the US”.
This announcement comes after the company announced it raised $90 million in a Series D financing round last year.
© FoodBev Media Ltd 2022
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