Wonder has secured $600 million in funding to support its ongoing growth, CEO Marc Lore wrote in a LinkedIn post Tuesday. The food hall company, which completed its acquisition of Grubhub for $650 million about four months ago, is now valued at over $7 billion, Bloomberg reports.
The company received participation from existing shareholders led by New Enterprise Associates, Accel, Google Ventures and Forerunner, as well as additional funds from strategic investors including Amex Ventures, Lore said.
The company will use the money to ramp up the expansion of its food hall locations, Wonder aims to grow from 46 locations to over 90 by the end of the year, at a rate of opening one per week, he said. It will target expansion in the Northeast with additional plans for Philadelphia and Washington, D.C. Wonder confirmed these details in an email to Restaurant Dive.
The company creates food halls that feature about 30 restaurants with cuisine from chefs like Bobby Flay, Jose Andres, Nancy Silverton and Marcus Samuelsson. The food halls offer dine-in, takeout and delivery, and typically fulfills delivery orders within 30 minutes.
Wonder has already substantially grown since its last $700 million funding round in 2024, when it had 11 brick-and-mortar locations. The company also owns Blue Apron.
Lore told Bloomberg that he eventually wants to take Wonder public, and does not want to sell it.
This could be difficult, as technology companies in the restaurant space have struggled recently. Presto Automation was delisted from Nasdaq last year while Olo is rumored to be considering a sale. While it never went public, Kitchen United — which secured millions of dollars in funding — shuttered its operations last year and sold its intellectual property to Sam Nazarian.
