Grubmarket, the US-based operator of an online food supply platform, has raised $60m in series D funding from investors including internet company Digital Garage and conglomerate Marubeni, TechCrunch reported on Monday.
Reimagined Ventures, Trinity Capital Investment, Celtic House Venture Partners, Sixty Degree Capital, Mojo Partners, GGV Capital, WI Harper Group, CentreGold Capital and Scrum Ventures also invested, as did funds and accounts managed by BlackRock.
The money was raised at a valuation between $400m and $500m, and was upgraded from an expected $20m, sources told TechCrunch. Marubeni participated through corporate venture capital unit Marubeni Ventures.
Founded in 2014, Grubmarket operates a platform that sells fresh food sourced directly from farmers and artisans to consumers at affordable prices. It also sells produce to companies such as meal kit providers and grocery stores.
Marubeni Ventures invested in the company in May this year, a deal that likely represented its contribution to the latest round. It had previously closed its series C1 round at $28.2m in May 2019, according to a securities filing, and sources told TechCrunch the round valued it at $228m.
Digital Garage and WI Harper led the series C1 round, which included diversified conglomerates Fosun and Arancia Industrial as well as Evolv Ventures, the investment firm backed by packaged food producer Kraft Heinz.
The 2019 round also featured CentreGold Capital, GGV Capital,Ace & Company, University Growth Fund, Fusion Fund, Bascom Ventures and undisclosed others.
GGV Capital, Fusion Fund, Bascom Ventures, Great Oaks Venture Capital, Max Ventures, Castor Ventures, Millennium Technology Value Partners, Trinity Capital Investment and Investwide Capital had provided $32m for Grubmarket in mid-2018.
The round followed $20m in series B funding from Fosun, GGV Capital, Sound Ventures, Global Founders Capital, Riverhead Capital, Danhua Capital, Fabrice Grinda and Gang Wang in 2016.
Fosun led the company’s $10m series A round in September 2015, investing with GGV Capital, Y Combinator, Battery Ventures and AME Cloud Ventures. It had raised $2.1m from GGV, Y Combinator, New Gen Partners and angel investors including Gang Wang eight months earlier.
