Wonder, Marc Lore’s food delivery startup, raises $350M at a $3.5B valuation – TechCrunch

Based in New York Wondera mobile restaurant delivery service run by Marc Lore, raised $350 million in Series B funding. The company is now worth around $3.5 billion, according to The Wall Street Journal. The funding round was led by Bain Capital Ventures and included participation from Accel, Alpine Group, Amex Ventures, Forerunner, General Catalyst, GV, NEA, YieldStreet and others. This latest funding round brings Wonder’s total amount raised in debt and equity to $900 million.

The startup partners with popular chefs to create exclusive menus and bring their recipes to mobile restaurants. Users can then order food from these mobile restaurants right to their doorstep. According to Wonder’s websiteyour order is cooked and plated “just steps from your door, then served as soon as it’s ready.”

In a blog post About the increase, Lore said Wonder is now available in 22 cities in New Jersey and serves more than 130,000 homes. Since launching the platform six months ago, Wonder has created 19 mobile restaurants. The company has collaborated with several celebrity chefs, including Bobby Flay, Nancy Silverton, Michael Symon and many more.

Lore says the new funding will be used to continue to grow in the New Jersey tri-state area, with Bergen County next on the list. Wonder will also launch 11 more restaurants, bringing the company’s total number to 30.

“Our innovative techniques, technology, world-class culinary partnerships, and talent open up so much potential for exciting new possibilities,” Lore said in the blog post. “Wonder has a real opportunity to not only completely change the way people eat, but to create a better future with access to the world’s best foods in a convenient, affordable and sustainable way.”

The the wall street journal reports that although Wonder currently has limited market reach, the company plans to expand into new regions across the United States by 2035. Wonder also aims to add other convenience food businesses to its network, as it plans to add ready-to-heat meals and meal preparation kits to its delivery service.

Lore is not new to the delivery market, as he founded online shopping site Jet.com and later sold at Walmart for $3 billion in cash in 2016. After the acquisition, Lore ran Walmart’s U.S. e-commerce operations until January 2021.