(MENAFN- Caribbean News Global)SAN FRANCISCO, USA – GrubMarket, a San Francisco-based food technology company with a mission to digitally transform the American food supply chain industry, announced Tuesday that it has raised $200 million in a massively oversubscribed Series E funding round from Tiger Global Management, funds and accounts managed by BlackRock, Liberty Street Funds, Apeira Capital, Japan Post Capital, Celtic House Asia Partners, We Capital and Walleye Capital, among other unnamed participants. This round values GrubMarket at over $1.2 billion.
“GrubMarket has already achieved an annual run rate of $1 billion, with over 300 percent growth this year in eCommerce revenues and over 3500 percent 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 US, but also across the globe,” said Mike Xu, chief executive officer of GrubMarket.
“In the next 2-10 years, GrubMarket will also play a critical role in reviving the food ecosystem in the Midwest, and addressing the demographical inequalities surrounding access to fresh, healthy food, between the West Coast, East Coast, and central regions of the US”
“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,” said Griffin Schroeder, partner, Tiger Global Management.
“Under Mike's vision and exemplary leadership, GrubMarket is well on its way to transforming food distribution through vertical integration of the supply chain with best-in-class technology. We are inspired by both the company's mission of creating sustainable, data-driven distribution to unlock value for a massive yet inefficient industry, as well as its impressively disciplined approach of driving aggressive but profitable scale to build a durable franchise. GrubMarket represents an extraordinarily rare breed of company that Apeira Capital is privileged to partner with and to support in its next phase of rapid, nationwide expansion,” added Natalie Hwang, founder and managing partner of Apeira Capital Advisors.
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