San Francisco-based food items delivery startup, GrubMarket has raised US$ 60M in a Series D funding round held in October 2020. Investors in this round include BlackRock, Reimagined Ventures, Trinity Capital Investment, Celtic House Venture Partners, Marubeni Ventures, Sixty Degree Capital, and Mojo Partners. The round also saw participation from previous investors GGV Capital, WI Harper Group, Digital Garage, CentreGold Capital, and Scrum Ventures.
The startup’s total funding, including this one, stands equal to roughly US$ 180M.This is obtained from over 37 investors including Alumni Ventures Group, Evolv Ventures, CentreGold Capital, Fusion Fund. Its valuation is now equal to almost US$ 500M post this fundraising round.
Farm has never been closer!
GrubMarket, founded in 2014 by Mike Xu, mainly sells food items that are directly bought from farmers to businesses and individual customers. It also offers foods and other items from fisheries, commercial kitchens, specialized home kitchens, and restaurants.
Consumers can order food and other items from a variety of categories such as organic foods, vegetables, gluten-free foods, appetizers, drinks, pantries, health and beauty products. Baby and kids’ food products, pets, paleo foods, cholesterol-free, no trans-fat foods, among many more. Food and other items through the GrubMarket app or website. These items can either be picked up or delivered for a small fee.
GrubMarket also runs the WholesaleWare platform. It is an all-in-one platform for businesses in the food industry to enable efficient functioning of various departments such as record management, customer relationships, tracking of drivers’ routes and salary reports. Propelled by the COVID-19 pandemic, sales of WholesaleWare have recorded more than 800% growth over the last year, as stated by the startup’s founder Mike Xu.
GrubMarket’s Clientele
The startup is currently operating in the San Francisco Bay Area, Los Angeles, San Diego, Seattle, Texas, Michigan, Boston and New York along with many cities in between. GrubMarket’s roster of clients consists of over 500 grocery stores, 8K restaurants and 2K corporate workplaces. Some of the famous ones are Whole Foods, Kroger, Albertson, Sprouts Farmers Market, Raley’s Market, 99 Ranch Market, Hello Fresh, Fresh Direct, Misfits Market, Sun Basket and GoodEggs. GrubMarket supplies them items that they resell directly, or use in producing their own goods (for example, meal kits).
GrubMarket had acquired Boston Organics, a grocery delivery startup in 2019. Further, EJ Food Distributor, a wholesale food distributor specializing in supplying dry goods solely to restaurants, in 2020.
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