Total amount raised
$1.2 Billion
Latest funding date
10/1/2021
Location
GrubMarket has successfully raised funding over 9 rounds, with the latest being a Series G round. The company is backed by 84 investors, including ROC VENTURE GROUP and Liberty Street Funds.
Keep reading to explore the intricacies of GrubMarket's fundraising journey and the investors backing this innovative platform.
What Is GrubMarket?
GrubMarket, founded in 2014, is a food technology company based in San Francisco, California. The company operates in the American food supply chain industry, providing AI-powered B2B eCommerce solutions and ERP software for inventory and warehouse management.
With a workforce of over 10,000 employees, GrubMarket serves multiple states across the U.S. and British Columbia, Canada. The company is led by CEO Mike Xu and is committed to promoting agricultural sustainability while offering high-quality products at competitive prices.
How Much Funding Has GrubMarket Raised?
- Seed Round
- Amount Raised: USD 2,100,000
- Date: January 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop initial technology.
- Series A
- Amount Raised: USD 10,000,000
- Date: September 2015
- Lead Investors: Fosun RZ Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance technology.
- Series B (First)
- Amount Raised: USD 20,000,000
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market penetration.
- Series B (Second)
- Amount Raised: USD 32,000,000
- Date: July 2018
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technological capabilities.
- Series C
- Amount Raised: USD 25,000,000
- Date: April 2019
- Lead Investors: Digital Garage, WI Harper Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and invest in technology.
- Series D
- Amount Raised: USD 90,000,000
- Date: October 2020
- Lead Investors: Celtic House Asia Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand market presence.
- Series E
- Amount Raised: USD 200,000,000
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: USD 1.2 billion
- Motivation Behind the Round: To support the company's growth and expansion in the food distribution market.
- Series F
- Amount Raised: USD 120,000,000
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: USD 2 billion
- Motivation Behind the Round: To continue scaling the business and enhancing its market position.
- Series G
- Amount Raised: USD 50,000,000
- Date: March 2025
- Lead Investors: Liberty Street Funds, 3Spoke Capital, ROC Venture Group, Portfolia, Pegasus Tech Ventures, Joseph Stone Capital
- Valuation at Round: Over USD 3.5 billion
- Motivation Behind the Round: To develop AI technologies for better business management and to fund acquisitions of other companies in the food distribution sector.
GrubMarket has raised a total of USD 549,100,000 with a current valuation of over USD 3.5 billion.
Key Investors
- Liberty Street Funds
- Details: Liberty Street Funds is a prominent investment firm known for its focus on high-growth companies. Kevin Moss, President of The Private Shares Fund and Managing Director of Liberty Street Advisors, has expressed enthusiasm about GrubMarket's growth and sustainability.
- Investment Focus Areas: High-growth companies, sustainability, operational discipline
- Notable Investments: GrubMarket
- ROC Venture Group
- Details: ROC Venture Group is an investment firm that focuses on technology that transforms fragmented and outdated industries. Aaron Stafford, managing partner, highlighted the transformative impact of GrubMarket's technology on the U.S. food supply chain.
- Investment Focus Areas: Technology, food supply chain, industry transformation
- Notable Investments: GrubMarket
- 3Spoke Capital
- Details: 3Spoke Capital is an investment firm that participated in GrubMarket's Series G funding round. The firm is known for its strategic investments in innovative companies.
- Investment Focus Areas: Not specified
- Notable Investments: GrubMarket
- Portfolia
- Details: Portfolia is an investment firm that participated in GrubMarket's Series G funding round. The firm focuses on empowering diverse investors to back innovative companies.
- Investment Focus Areas: Not specified
- Notable Investments: GrubMarket
- Pegasus Tech Ventures
- Details: Pegasus Tech Ventures is a global venture capital firm that participated in GrubMarket's Series G funding round. The firm invests in innovative companies across various sectors.
- Investment Focus Areas: Not specified
- Notable Investments: GrubMarket
What's Next for GrubMarket?
GrubMarket's future is brimming with opportunities, driven by its ambitious plans to expand AI-powered solutions and extend its eCommerce reach globally. The company aims to leverage its recent $50 million Series G funding to enhance its AI technologies, such as GrubAssist AI, and to scale its operations across new markets in the U.S., Canada, South America, Europe, and Africa. This expansion is poised to tap into the trillion-dollar food distribution market, positioning GrubMarket as a key player in the industry.
Future fundraising efforts are likely to focus on supporting technological advancements and acquisitions. With a valuation exceeding $3.5 billion, GrubMarket is well-positioned to attract significant investment, potentially leading to additional funding rounds or even an IPO. These funds will be crucial for acquiring startups and legacy businesses, further solidifying its market presence.
However, GrubMarket faces challenges such as integrating acquired companies, navigating regulatory landscapes, and competing with other AI and eCommerce firms. Successfully managing these hurdles will be essential for sustaining growth and maintaining profitability as the company continues its global expansion.
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