US-based online food delivery platform GrubMarket secured $145m yesterday in a series E round that included Japan Post Capital, a corporate venturing subsidiary of postal service Japan Post.
The oversubscribed round valued the company at over $1bn and included funds and accounts managed by BlackRock in addition to Walleye Capital, Liberty Street Funds, INP Capital, Pegasus Tech Ventures, Celtic House Asia Partners, Gaingels, RIVC and unnamed others.
GrubMarket provides a mobile platform where shoppers can order fresh food from farmers and other food suppliers for delivery. It claims to have experienced a 300% year-on-year increase in revenue in 2021 and to have reached a $1bn annualised run-rate.
The announcement came after GrubMarket disclosed $120m of series E funding last month from the same investors apart from BlackRock, with Joseph Stone Capital, Moringa Capital Management and Tech Pioneers Fund also taking part.
The company raised $90m in series D funding in February this year from conglomerate Marubeni’s corporate venturing unit, Marubeni Ventures, as well as BlackRock, Ace & Company, GGV Capital, Celtic House Venture Partners, Reimagined Ventures, Sixty Degree Capital, Trinity Capital Investment, Madison Bay Capital Partners and The Strand Partners.
The February funding came after Marubeni Ventures, internet company Digital Garage, WI Harper Group, CentreGold Capital, Scrum Ventures, BlackRock, Sixty Degree Capital, Mojo Partners, Reimagined Ventures, Trinity Capital Investments, Celtic House Venture Partners and GGV Capital had provided an initial $60m in series D funding in October 2020.
GrubMarket collected $28.2m in a 2019 series C1 round co-led by Digital Garage and WI Harper that included packaged food producer Kraft Heinz’s Evolv Ventures subsidiary and conglomerates Fosun and Arancia Industrial.
CentreGold Capital, Ace & Company, GGV Capital, Bascom Ventures and Future Fund also participated in the 2019 round alongside unnamed others. GGV Capital had led a $32m round in 2018 backed by Great Oaks Venture Capital, Fusion Fund, Max Ventures, Bascom Ventures, Castor Ventures, Trinity Capital Investment, Investwide Capital and Millenium Technology Value Partners.
The company had closed a $20m series B round in 2016 featuring Fosun, Sound Ventures, Global Founders Capital, GGV Capital, Danhua Capital, Riverhead Capital, Gang Wang and Fabrice Grinda.
Fosun led GrubMarket’s $10m series A round in September 2015, investing with Battery Ventures, AME Cloud Ventures, Y Combinator and GGV. The last two also took part in the company’s January 2015 seed round, supplying $2.1m alongside New Gen Partners, Wang Gang and assorted angel investors.
