GrubMarket, an SF-based farm-to-table delivery service, announced Monday that it raised $120 million in an oversubscribed funding round. The Series E sent the company’s valuation skyrocketing to over $1 billion, securing its status as a unicorn.
The new valuation is more than double that of the company’s last. In October of 2020, GrubMarket closed on a $60 million Series D round at a $500 million valuation.
GrubMarket’s platform directly links food producers with consumers, restaurants and grocery stores in order to buy their products. But the platform is more than just a lightweight online ordering system, GrubMarket also handles things like inventory management, pricing and customer relations in addition to HR management for wholesalers and distributors.
“We are still the first mover in this space. No one else is doing consolidation on the supply chain side as we are,” Mike Xu, CEO of GrubMarket, said in a statement. “We are trying to consolidate through software technologies, while also trying to find the best solutions in this space.”
GrubMarket’s primary mission is to improve the food supply chain overall. Most of the time, operators in the food supply chain business don’t have any access to software and e-commerce technology, according to Xu.
GrubMarket plans to use the additional capital to further the development of its farm-to-table delivery platform. Moving forward, the company plans to explore robotics for picking and moving produce.
GrubMarket currently operates in 13 states across the U.S. with nearly 40 warehouses. The company is now hiring for several open roles across its engineering and sales teams.
GrubMarket has raised $302 million in venture capital financing to date.
Liberty Street Funds, Walleye Capital and Japan Post Capital participated in the round, among others.
