GrubMarket Series E Funding Symbol
<p><strong><span class="xn-location">SAN FRANCISCO</span> </strong>&#8212; GrubMarket, a <span class="xn-location">San Francisco</span>-based food technology company, has raised $145 million in a heavily oversubscribed Series E funding round from funds and accounts managed by BlackRock, Liberty Street Funds, Japan Post Capital, Walleye Capital, Celtic House Asia Partners, INP Capital, Pegasus Tech Ventures, RIVC and Gaingels, among participants. This round values GrubMarket at over <span class="xn-money">$1 billion</span>.</p>
<p>Founded in 2014, GrubMarket provides food supply chain eCommerce for both business customers and end consumers, as well as providing related software-as-a-service solutions to digitally transform the American food supply chain. The company operates in <span class="xn-location">Arizona</span>, <span class="xn-location">California</span>, <span class="xn-location">Connecticut</span>, <span class="xn-location">Georgia</span>, <span class="xn-location">Michigan</span>, <span class="xn-location">New York</span>, <span class="xn-location">New Jersey</span>, <span class="xn-location">Missouri</span>, <span class="xn-location">Massachusetts</span>, <span class="xn-location">Oregon</span>, <span class="xn-location">Pennsylvania</span>, <span class="xn-location">Texas</span>, <span class="xn-location">Washington</span> and <span class="xn-location">British Columbia (Canada</span>), with plans to expand to other parts of the U.S., Canada, and other parts of the world.</p>
<div class="col-sm-10 col-sm-offset-1">
<p>&#8220;We have experienced an incredible acceleration of growth in the last 12 months – revenues are up more than 300% over last year, reaching a $1 billion annualized run-rate, while maintaining strong profitability. This milestone was reached ahead of schedule, thanks to our remarkable team and our supporters. Our software was the fastest growing segment, delivering over 3500% of growth and is currently powering up billions of annual business volume for ourselves and our software customers.&#8221; said <span class="xn-person">Mike Xu</span>, CEO of GrubMarket. &#8220;Delivering ultra-high growth and profitability remains the priority for all of our businesses and geographies. This Series E funding will turbocharge our software and services growth and extend our eCommerce reach from coast to coast. We will increase our investment in people, technology and acquisitions. Moreover, we will continue to operate a sustainable business and maintain profitability as the foundation of this company.&#8221;</p>
</div>
<div class="col-sm-10 col-sm-offset-1">
<p>GrubMarket was a first mover to re-architect the highly intermediated American food supply chain by establishing a producer-centric eCommerce platform with clear price advantages for market participants and exclusive producer / customer relationships. GrubMarket&#8217;s customers include tens of thousands of grocery stores, restaurants, offices, online food delivery companies, farms and individual consumers.</p>
<p>This investment round follows a series of major milestones – expanding to more than 14 states in the U.S. and <span class="xn-location">Canada</span> in 2021, becoming one of the largest providers of South American fruits in the U.S., and emerging as a top farm staffing and payroll services provider on the West Coast as well as a major CSA (community-supported agriculture) software provider for American farms. Today, the company operates from over 40 warehouses across <span class="xn-location">North America</span> with plans to both grow in existing geographies and expand to all major metro markets in <span class="xn-location">North America</span>.</p>
<p>&#8220;GrubMarket has built a profitable, high-growth business underpinned by its best-in-class technology platform that&#8217;s reinventing how businesses access healthy, fresh foods,&#8221; said <span class="xn-person">Jack Litowitz</span>, director of strategic investments at Reimagined Ventures, in a statement. &#8220;We&#8217;re proud to support GrubMarket as it continues to expand into new regions and grow its WholesaleWare 2.0 software platform. At Reimagined Ventures, we always seek to invest in businesses that are disrupting inefficient industries in innovative ways. <span class="xn-person">Mike Xu</span> and the GrubMarket team have built one of these businesses. We&#8217;re excited to back their vision and work in making the food supply chain more efficient.&#8221;</p>
<p>&#8220;GrubMarket is transforming the trillion-dollar food distribution industry with unprecedented speed by implementing advanced digital solutions and operational discipline. The company&#8217;s scale, growth, and profitability are extraordinarily impressive. Pegasus is delighted and honored to be a part of GrubMarket&#8217;s exciting journey ahead,&#8221; added <span class="xn-person">Bill Reichert</span>, partner at Pegasus Tech Ventures.</p>
</div>

ARMONK, NY -- IBM has agreed to buy Confluent, Inc., the data streaming pioneer, for…
SANTA CLARA -- Marvell Technology, Inc., a leader in data infrastructure semiconductor solutions, plans to…
MOUNTAIN VIEW -- ALM Ventures has announced the launch of ALM Ventures Fund I, a…
SAN FRANCISCO -- Brainworks Ventures, an AI-native venture capital fund led by DARPA alumnus Dr.…
OpenAI is hiring Slack CEO Denise Dresser as the company's Chief Revenue Officer, overseeing global…
The Santa Clara County District Attorney’s Office has charged a San Jose 17-year-old with attempted…