US-based online supermarket operator Misfits Market secured $225m yesterday in a series C-1 round led by SoftBank Vision Fund 2, a corporate venturing vehicle for internet and telecommunications group SoftBank.
Venture capital firm Accel also took part in the round, which valued the company at $2bn, briinging its total funding to almost $527m. Lydia Jett, founding partner of the SoftBank’s Investment Advisers subsidiary that oversees the Vision Funds, will join Misfits Market’s board of directors.
Founded in 2018, Misfits Market operates a direct-to-consumer e-commerce platform that sells and delivers imperfect fruits and vegetables as well as meats and seafood at discounted prices to customers across 43 states in its home country.
Lydia Jett said: “We believe Misfits Market has a deep understanding of the inefficiencies in the food supply chain and are building their own from the ground up to radically change the way food makes its way to the consumer.”
The money will help the company further expand its presence across the United States and increase the range of groceries it offers.
Accel and D1 Capital co-led a $200m series C round in April this year valuing Misfits Market at $1.1bn according to Bloomberg. Valor Equity Partners, Greenoaks Capital, Sound Ventures and Third Kind Ventures filled out the participants in that round.
Valor Equity Partners had led an $85m series B round for the company nine months before, investing alongside Greenoaks Capital, Third Kind Venture Capital and Sound Ventures. Greenoaks Capital led its $16.5m series A round, which included Esas Ventures, in mid-2019.
