Total amount raised
$1.2 Billion
Latest funding date
10/1/2021
Location
GrubMarket has successfully raised significant capital through multiple funding rounds, achieving a valuation of over $3.5 billion during its Series G round.
Keep reading to explore the intricacies of GrubMarket's fundraising journey and the investors backing this transformative platform.
What Is GrubMarket?
GrubMarket, founded in 2014 by Mike Xu, is a leading AI-powered B2B eCommerce company in the American food supply chain industry. Headquartered in San Francisco, California, the company offers a platform for businesses to purchase food products at competitive prices across the U.S. and Canada.
GrubMarket also provides AI-powered software solutions for inventory management, warehouse operations, and eCommerce, alongside services like office and home delivery of farm-fresh food. The company is committed to promoting agricultural sustainability through various initiatives.
With a workforce of 1001-5000 employees, GrubMarket continues to expand its reach, operating in multiple states across the U.S. and in British Columbia, Canada.
How Much Funding Has GrubMarket Raised?
- Series A
- Amount Raised: $10M
- Date: September 2015
- Lead Investors: Fosun RZ Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Series B
- Amount Raised: $20M
- Date: August 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and improve technology infrastructure.
- Series B
- Amount Raised: $32M
- Date: July 2018
- Lead Investors: Notable Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and market expansion.
- Series C
- Amount Raised: $25M
- Date: April 2019
- Lead Investors: Digital Garage, WI Harper Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance AI capabilities and expand service offerings.
- Series D
- Amount Raised: $90M
- Date: October 2020
- Lead Investors: Celtic House Asia Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate technological advancements and market penetration.
- Series E
- Amount Raised: $200M
- Date: September 2021
- Lead Investors: Tiger Global Management
- Valuation at Round: $1.2 billion
- Motivation Behind the Round: To support global expansion and strategic acquisitions.
- Series F
- Amount Raised: $120M
- Date: September 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: $2 billion
- Motivation Behind the Round: To further develop AI technology and expand market reach.
- Series G
- Amount Raised: $50M
- Date: March 2025
- Lead Investors: Liberty Street Funds, 3Spoke Capital, ROC Venture Group, Portfolia, Pegasus Tech Ventures, Joseph Stone Capital
- Valuation at Round: Over $3.5 billion
- Motivation Behind the Round: To build more AI technology and expand eCommerce reach globally.
Total Amount Raised: $547.1M. Current Valuation: Over $3.5 billion.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies in the technology, industrial, consumer, and financial sectors. Founded in 2001, the firm has a strong track record of backing high-growth companies.
- Investment Focus Areas: Technology, consumer, industrial, financial.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Celtic House Asia Partners
- Details: Celtic House Asia Partners is a venture capital firm that invests in early-stage technology companies. The firm is known for its hands-on approach and extensive network in the tech industry.
- Investment Focus Areas: Technology, software, hardware.
- Notable Investments: Not publicly disclosed.
- Digital Garage
- Details: Digital Garage is a Japanese company that provides digital marketing, venture capital, and incubation services. It has a strong presence in the tech and startup ecosystems in Japan and globally.
- Investment Focus Areas: Digital marketing, technology, startups.
- Notable Investments: Twitter, Path, LinkedIn.
- Notable Capital
- Details: Notable Capital is a venture capital firm that invests in high-growth technology companies. The firm focuses on providing strategic support and capital to help companies scale.
- Investment Focus Areas: Technology, software, eCommerce.
- Notable Investments: Not publicly disclosed.
- Fosun RZ Capital
- Details: Fosun RZ Capital is the venture capital arm of Fosun Group, a global investment company. The firm invests in innovative companies across various sectors, with a focus on technology and healthcare.
- Investment Focus Areas: Technology, healthcare, consumer.
- Notable Investments: Not publicly disclosed.
What's Next for GrubMarket?
GrubMarket's future is brimming with opportunities, particularly in expanding its AI technology and global eCommerce reach. The company aims to leverage its recent $50 million Series G funding to enhance its AI software, such as GrubAssist AI, and extend its market presence across the U.S., Canada, South America, Europe, and Africa. With the food distribution industry valued at $1 trillion, the potential for growth is immense.
Future fundraising rounds are likely as GrubMarket continues to innovate and expand. The company’s focus on acquisitions to strengthen its market position and technological capabilities will attract more investors. However, challenges such as integrating acquired companies, navigating regulatory landscapes, and maintaining service quality amid rapid growth could pose hurdles. Despite these challenges, GrubMarket's commitment to AI and sustainability positions it well for continued success.
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