GrubMarket, a San Francisco-based food-tech firm envisaging revolutionising the American food supply chain domain, has secured US$ 200 million in a Series E funding round led by Tiger Global Management on 16 November 2021.
Investors: The latest investment round featured Tiger Global Management as the lead investor and witnessed active participation from Walleye Capital, Reimagined Ventures, Pegasus Tech Ventures, Moringa Capital Management, Joseph Stone Capital, Japan Post Capital, BlackRock and several other investors. Readers can view the information regarding the previous funding round here.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round to expand its business internationally and serve more consumers in other markets.
About GrubMarket
Brought to existence in 2014 by Mike Xu, GrubMarket operates with local artisans and small farmers to deliver and sell their fresh produce and a range of other products through its digital platform. Consumers and businesses like restaurants and retailers can purchase fresh and locally-produced products. The firm currently operates across different geographies in the US and British Columbia (Canada). 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.
What the Founder has to say: “GrubMarket has attained a yearly run rate of US$ 1 billion, coupled with nearly 3500% growth in SaaS software sales and more than 300% growth in e-commerce earnings in 2021 while ensuring powerful net profitability. Additionally, we are planning to enter the public market in the coming 11 months or so. In the coming two to ten years, we will become a major player in the market. Our role in reviving the food-tech industry in the Midwest will become crucial. We are confronting the demographical imbalances created in the accessibility of healthy and fresh food between the East Coast, West Coast and central areas of the US.”- Mike Xu, Founder and CEO of GrubMarket.
What the Investor has to say: “GrubMarket is revolutionising the highly-fragmented, old-school, trillion-dollar food supply chain domain. They have taken a profitable and disciplined approach and adopted the use of advanced software. We are exhilarated to become an integral part of GrubMarket’s growth journey to optimise the sustainability and efficiency of the American food industry.”- Griffin Schroeder, Partner at Tiger Global Management.
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