A food delivery startup marvel valued at $3.5 billion

The company wants to expand into meals that can simply be reheated and meal prep kits for customers.

Wonder, a food delivery startup that prepares its meals in a network of neighborhood trucks, raised $350 million in a funding round last month, according to the Wall Street Journal.

This brings its total amount of money raised in debt and equity to $900 million, bringing its value to around $3.5 billion from $1.4 billion. The Wall Street Journal said this comes at a time when funding for startups is shrinking.

The startup is led by Marc Lore, who previously founded Jet.com, and was funded largely by those who contributed to his past ventures. These include Bain Capital Ventures, GV, Accel, New Enterprise Associates, General Catalyst and Forerunner Ventures, The Wall Street Journal reported.

Currently, Wonder is open in select New Jersey suburbs and serves to deliver hot meals from its network of trucks. It plans to expand to another part of New Jersey later this year and then to parts of the country by 2035, according to the Wall Street Journal.

In addition to meals prepared from his truck, 25% of Wonder’s revenue comes from a food delivery service called Envoy where people can order from local restaurants through the Wonder app. This avoids driving business away from these establishments, notes the Wall Street Journal.

The company said that after making progress on Wonder revenue, it is now focusing on business efficiency. This includes speeding up the process of cooking food and redesigning the kitchen layout. Finally, Wonder used software to help meal prep chefs figure out the most efficient ways to prepare them, according to the Wall Street Journal.

The company says it also wants to expand into meals that can simply be reheated and meal prep kits for customers in the future.

Although Lore has other businesses, he’s apparently been focusing on Wonder lately, telling the Wall Street Journal that’s his goal and that he’s backed out of other projects and investments he’s been in. is involved.