US food tech company GrubMarket bags $200m in Series E round
American food tech company GrubMarket has bagged $200 million in a Series E funding round that has taken its valuation to more than $1.2 billion.
The financing round saw the participation of Tiger Global Management, Liberty Street Funds, funds and accounts managed by BlackRock, Japan Post Capital, Apeira Capital, We Capital, Celtic House Asia Partners, and Walleye Capital, among others.
Griffin Schroeder — Partner of Tiger Global Management said: “GrubMarket is digitally transforming the trillion-dollar, highly fragmented, old-school food supply chain. They are executing a disciplined, profitable strategy and introducing modern software to the industry.
“We look forward to being a part of GrubMarket’s journey to improve the efficiency and sustainability of the American food ecosystem.”
Established in 2014, GrubMarket operates in the area of food supply chain eCommerce for business customers as well as end consumers. The food technology company also offers related software-as-a-service solutions for digitally transforming the US food supply chain.
Mike Xu — CEO of GrubMarket said: “GrubMarket has already achieved an annual run rate of $1 billion, with over 300% growth this year in eCommerce revenues and over 3500% growth in SaaS software sales, while maintaining strong net profitability. Moreover, GrubMarket is aiming to debut on the public market within the next 11 months or so.
“However, the only success criterion of my entrepreneurial pursuit remains whether I am able to eventually scale GrubMarket to achieve $100 billion in annual revenues (eCommerce and software sales combined), offering both first-mile and last-mile digital solutions for the food supply chain industry in not only the U.S., but also across the globe.”