- 14 September 2021
- Transport / Logistics Services
US Supply chain tech company GrubMarket has received $120m in Series E funding from a group of more than 10 investors.
GrubMarket helps link up and manage relationships between food suppliers and customers. Though this can be end customers (B2C) the firm situates its predominant interest as ‘B2B2C’, with more emphasis on the wholesale side than at the final mile.
Revenues have grown by 300% in the last year to an annualised run-rate of $1 billion and the firm has operations in 100 states using 40 warehouses nationwide. The investment is to expand the company’s reach even more, improving the tech side as well as geographical reach.
Mike Xu, co-founder and CEO says, “We are still the first mover in this space. No one else is doing consolidation on the supply chain side as we are. We are trying to consolidate the American food supply chain through software technologies, while also trying to find the best solutions in this space.
We think that restaurant re-openings have meant more people are dining out again and spending less time at home, and also they can go back to physical grocery stores, so they are not as interested as they were before in buying raw ingredients online. I don’t want to offend other food tech companies, but I think many of them will be seeing the same. I think B2C is really going to slow down going forward.”