business
Marc Lore's Wonder confidentially files for IPO
Food startup Wonder, founded by Marc Lore, has confidentially filed for an initial public offering.
Key points
- The food startup said Thursday that it made a confidential filing for an initial public offering.
- Wonder has roughly 170 brick-and-mortar locations across the U.S. and has spent at least $1 billion on acquisitions.
- Wonder's Series D round earlier this year raised its pre-money valuation to $9 billion.
Why it matters. As a public company, Wonder will likely face investor scrutiny, since weak consumer sentiment has weighed on restaurant stocks and the IPO market has been shaky amid market volatility.
Food startup Wonder, created by serial entrepreneur Marc Lore in 2018, said Thursday it has confidentially filed for an IPO. It now runs roughly 170 brick-and-mortar locations across the U.S. and has spent at least $1 billion on deals, including Grubhub and Blue Apron. Its Series D round earlier this year lifted its pre-money valuation to $9 billion, after more than $3 billion in venture funding.
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Marc Lore's Wonder confidentially files for IPO
Marc Lore's latest startup Wonder has confidentially filed for an initial public offering. Sign at the entrance to the Wonder store in Midtown Manhattan. Erik Mcgregor | Lightrocket | Getty Images Food startup Wonder has confidentially filed for an initial public offering, the company said Thursday. Created by serial entrepreneur Marc Lore in 2018, Wonder advertises itself as "the best restaurants from across the country, all in one place," available for delivery and takeout on its vertically integrated app. Originally envisioned as a new take on food delivery through sprinter vans outfitted with mobile kitchens, Wonder has grown to roughly 170 brick-and-mortar locations throughout the U.S. Its locations serve menu items from more than two dozen "restaurants" across a variety of cuisines, some with branding from celebrity chefs. Starting Nov. 17, the company 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. watch now Wonder has spent at least $1 billion on acquisitions, such as delivery service Grubhub, meal kit brand Blue Apron and delivery and logistics provider Relay, along with some buzzy restaurant concepts. Wonder has been able to afford such expensive dealmaking thanks to more than $3 bi.