Marc Lore's food startup Wonder confidentially files for IPO
The company founded by the serial entrepreneur said Thursday it has filed confidentially to go public, after growing to roughly 170 US locations and spending more than $1 billion on deals.
At a glance
- Wonder, the food startup founded by Marc Lore in 2018, said Thursday it has confidentially filed for an initial public offering.
- The company has about 170 US locations and has spent at least $1 billion on acquisitions including Grubhub and Blue Apron.
- A Series D round earlier this year lifted Wonder's pre-money valuation to $9 billion, after more than $3 billion in venture funding.
Wonder, the food startup founded by Marc Lore, has confidentially filed for an initial public offering, the company said Thursday. The filing puts the chain, which has grown to roughly 170 brick-and-mortar locations across the U.S., on a path toward listing its shares.
From delivery vans to 170 locations
Lore created Wonder in 2018. It was originally envisioned as a new take on food delivery, using sprinter vans outfitted with mobile kitchens. The company now advertises itself as offering "the best restaurants from across the country, all in one place," with delivery and takeout ordered through its vertically integrated app. Its locations serve menu items from more than two dozen "restaurants" across a range of cuisines, some of them carrying branding from celebrity chefs.
Starting Nov. 17, Wonder plans to introduce more dining options through Wonder Create. Influencers, entrepreneurs and brands can pay $10 a month to start their own restaurant business based out of a Wonder location and earn a portion of the revenue from orders.
Deals and funding
Wonder has spent at least $1 billion on acquisitions, including the delivery service Grubhub, meal kit brand Blue Apron and delivery and logistics provider Relay, along with several restaurant concepts. It has been able to afford that dealmaking thanks to more than $3 billion in venture funding. A Series D round earlier this year raised its pre-money valuation to $9 billion.
Lore told CNBC in September that IPO proceeds would allow Wonder to make more acquisitions and work toward its goal of making food more accessible. Going public will also likely bring investor scrutiny: weak consumer sentiment has weighed on restaurant stocks recently, and market volatility has left the IPO market shaky for companies across a range of industries.
Lore previously founded Diapers.com and Jet.com, which he sold to Amazon and Walmart respectively.
Source: CNBC Top News.
Questions and answers
- What is Wonder?
- Wonder is a food startup founded by Marc Lore in 2018. It offers delivery and takeout from more than two dozen restaurant brands through its app and has roughly 170 US locations.
- Has Wonder filed for an IPO?
- Yes. Wonder said Thursday it confidentially filed for an initial public offering. Marc Lore has said IPO proceeds would fund more acquisitions and work toward making food more accessible.
- What is Wonder Create?
- Starting Nov. 17, influencers, entrepreneurs and brands can pay $10 a month to start their own restaurant business based out of a Wonder location and earn a portion of order revenue.
