Marc Lore’s Food Delivery Startup Wonder Raises $350 Million on a $3.5 Billion Valuation – TechCrunch

Marc Lore’s Food Delivery Startup Wonder Raises $350 Million On A $3.5 Billion Valuation – Techcrunch
Marc Lore'S Food Delivery Startup Wonder Raises $350 Million On A $3.5 Billion Valuation – Techcrunch

New York-based Wonder, a mobile restaurant delivery service led by Marc Lore, has raised $350 million in Series B funding. The company is now worth about $3.5 billion, according to The Wall Street Journal. The funding round was led by Bain Capital Ventures and included participation from Accel, Alpine Group, Amex Ventures, Forerunner, General Catalyst, GV, NEA, YieldStreet and others. This latest round of financing brings Wonder’s total amount raised in debt and equity to $900 million.

The startup partners with popular chefs to create unique menus and bring their recipes to mobile restaurants. Users can order dishes from these mobile restaurants right at their doorstep. According to Wonder’s website, your order is prepared and plated “just steps from your door and served as soon as it’s ready.”

In a blog post about the increase, Lore said Wonder is now available in 22 New Jersey cities and serves more than 130,000 families. Since launching the platform six months ago, Wonder has created 19 mobile restaurants. The company has collaborated with many famous chefs including Bobby Flay, Nancy Silverton, Michael Symon and more.

Lore says the new funding will be used to continue expanding within the tri-state area of ​​New Jersey, with Bergen County next on the list. Wonder will also launch 11 more restaurants, bringing the company’s total number to 30.

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“Our innovative techniques, technology, world-class culinary partnerships and talent open up so much potential for new and exciting possibilities,” said Lore in the blog post. “Wonder has a real opportunity to not only completely change the way people eat, but also create a better future with access to the world’s best food in a convenient, affordable and sustainable way.”

The Wall Street Journal reports that while Wonder currently has a limited market reach, the company plans to expand into new areas in the United States by 2035. Wonder also intends to add other prepared food businesses to its network as it plans to add -to heat up meals and meal prep kits at your delivery service.

Lore is not new to the delivery market as he founded the e-commerce shopping site and later sold to Walmart for $3 billion in cash in 2016. Following the acquisition, Lore led Walmart’s US e-commerce operations until January 2021.

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