Total amount raised
$526.5 Million
Latest funding date
4/1/2023
Location
Misfits Market has successfully raised funding over six rounds, with the latest being a Venture - Series Unknown round. The company is backed by 24 investors, including ASVC and Covalent Ventures.
Keep reading to explore the intricacies of Misfits Market's fundraising journey and the investors backing this innovative platform.
What Is Misfits Market?
Misfits Market is a subscription box service that delivers organically sourced produce and other grocery items. The company operates in multiple categories, including E-Commerce, Food and Beverage, Grocery, Organic Food, and Subscription Service. It is located in Clackamas, Oregon, United States, and employs between 1001-5000 people.
Founded to address issues in the food system, Misfits Market aims to reduce food waste by rescuing perfectly good food that traditional grocery stores reject due to minor blemishes or packaging changes. The company offers a flexible, commitment-free subscription service with convenient delivery and a money-back guarantee.
How Much Funding Has Misfits Market Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: October 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To launch the company and develop the initial product offering.
- Series A
- Amount Raised: USD 16,500,000
- Date: June 2019
- Lead Investors: Greenoaks
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the customer base.
- Series B
- Amount Raised: USD 85,000,000
- Date: July 2020
- Lead Investors: Valor Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and meet increased demand during the COVID-19 pandemic.
- Series C
- Amount Raised: USD 200,000,000
- Date: April 2021
- Lead Investors: Accel, D1 Capital Partners
- Valuation at Round: USD 1.1 billion
- Motivation Behind the Round: To expand product offerings and enhance logistics and fulfillment technology.
- Series C
- Amount Raised: USD 225,000,000
- Date: September 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand into new grocery categories and geographies.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: April 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhancing service offerings.
Total Amount Raised: USD 526,500,000
Current Valuation: USD 1.1 billion
Key Investors
- Accel
- Details: Accel is a venture capital firm that invests in early-stage and growth-stage companies. Ryan Sweeney, a partner at Accel, joined Misfits Market’s Board of Directors.
- Investment Focus Areas: Technology, internet, software, mobile sectors.
- Notable Investments: Facebook, Dropbox, Slack, Spotify.
- D1 Capital Partners
- Details: D1 Capital Partners is a global investment firm that deploys capital in both public and private markets. The firm combines the flexibility of a hedge fund with the long-term focus of private equity.
- Investment Focus Areas: Technology, media, telecommunications, consumer, healthcare.
- Notable Investments: SpaceX, Stripe, Instacart.
- Valor Equity Partners
- Details: Valor Equity Partners is a private equity firm focused on investing in high-growth companies across various stages of development. The firm specializes in growth investments in technology-enabled companies.
- Investment Focus Areas: Technology-enabled services, consumer, industrial sectors.
- Notable Investments: Tesla, SpaceX, GoPuff.
- Greenoaks Capital
- Details: Greenoaks Capital is a global investment firm that invests in technology companies. The firm focuses on companies with a strong consumer focus.
- Investment Focus Areas: Technology, internet, software sectors.
- Notable Investments: Coupang, Robinhood, Discord.
- Sound Ventures
- Details: Sound Ventures is a venture capital firm founded by Ashton Kutcher and Guy Oseary. The firm focuses on early-stage and growth-stage technology companies.
- Investment Focus Areas: Technology, media, consumer sectors.
- Notable Investments: Uber, Airbnb, Spotify.
What's Next for Misfits Market?
Misfits Market is poised for significant growth as it expands into new grocery categories and geographic regions. With plans to cover 100% of ZIP codes in the lower 48 states and add products like proteins, the company is tapping into a vast market. The recent $200 million Series C funding round underscores investor confidence and sets the stage for future fundraising opportunities.
As Misfits Market scales, it may face challenges such as logistical complexities and competition from other online grocers. However, the company's focus on sustainability and reducing food waste aligns with current industry trends, positioning it well for continued success. Future fundraising rounds and potential acquisitions could further bolster its market presence.
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