Wonder, a food-tech company led by entrepreneur Marc Lore, raised over $650 million in a Series D funding round at a $9 billion valuation, the company announced this week. The round included participation from returning investors Accel, Google Ventures, and NEA, along with new entrants such as AllianceBernstein, ARK Invest, and Kayne Anderson. Wonder plans to go public early next year, according to Lore, marking a major milestone for the company since its founding in 2018.
The funding round was facilitated by placement agents Goldman Sachs, Jefferies, and J.P. Morgan. Wonder operates 135 food halls across 10 East Coast states, each hosting up to 30 restaurant concepts, including licensed brands like Bobby Flay Steak and Tejas Barbeque. Customers order through the Wonder app, which allows combining dishes from multiple concepts in a single transaction, with Wonder managing cooking and last-mile delivery. The company also owns Grubhub, acquired for $650 million last year, and Blue Apron, purchased in 2023 for $103 million, expanding its footprint in food delivery and meal kits.
This funding round brings Wonder's total capital raised to approximately $3 billion. The company's model of centralized kitchens and integrated delivery aims to make diverse food options more accessible, especially beyond coastal urban centers. The involvement of high-profile investors such as Cathie Wood’s ARK Invest and AllianceBernstein underscores growing confidence in the food-tech sector, which has seen increased consolidation and innovation in recent years. Wonder's expansion and upcoming IPO position it among notable players reshaping food delivery and cloud kitchen markets.
Wonder's next major event will be its planned initial public offering early next year, as confirmed by Marc Lore in an exclusive interview with Fortune. The company’s recent $650 million Series D round at a $9 billion valuation sets the stage for this transition, with major financial institutions Goldman Sachs, Jefferies, and J.P. Morgan involved in the placement process.