GrubMarket, which provides meals to consumers and companies, has secured $60 million in its Series D financing.
According to TechCrunch, participants included BlackRock, Reimagined Ventures, Trinity Capital Investment, and many others.
The revelation is consistent with the year’s pattern of investing in delivery firms as the epidemic makes dining out riskier.
GrubMarket operates in both a B2C and a B2B capacity, servicing grocery shops, meal kit startups, and other businesses, according to TechCrunch. Delivery services have grown commonplace in the food industry, but GrubMarket stands out due to its connection between food suppliers and businesses that engage with customers.
According to TechCrunch, the firm is already profitable, although it did not expect to generate more than $20 million at first. The company’s valuation is now between $400 million and $500 million, which is more than double what it was in the last round.
The business’s aim, according to Founder and CEO Mike Xu, is to go public, however, he did not specify when this would happen owing to the volatile initial public offering (IPO) market and the fact that the company is currently seeking funds.
“The main success criterion for my startup career is whether GrubMarket can someday generate $100 billion in annual sales,” says the founder.
