DELANCO, N.J.- Misfits Market one of the world’s leading online supermarket platform that is focused on sustainability, accessibility, and affordability today announced that it had completed a $225 million Series C-1 round, led by SoftBank Vision Fund 2* and with participation from Accel.
The investment increases the company’s valuation to $2 billion and the total amount that was raised by Misfits Market amounts to $526.5M. The extra capital will be used to fund growth across the country and expand the variety of products available for customers to purchase as Misfits Market develops a full online shopping platform.
Following Misfits Market’s Series C round in April 2021 and in an era of significant transformation in the food industry The company has seen continuous growth, as it makes progress towards its goal to end food shortages in America in 2025.
This new round of funding Misfits Market will continue expanding into other categories. It has already doubled the variety of food items that are offered to customers over the past four months. The recent introduction of protein alongside the opening of the Dallas, TX warehouse facility has seen greater than 100,000 pounds chicken, 48,000 lbs of steak and 34,000 pounds of salmon being delivered by Misfits Market in just 10 weeks.
“We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem,” said Abhi Ramesh, Misfits Market’s CEO and founder Misfits Market.
“We’ve been laser focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realizing our vision for a better grocery experience. Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that makes quality food accessible and affordable. We’re ready to bring Misfits Market into the kitchens of all Americans..”
Misfits Market’s supply chain for food delivers organic produce, premium proteins and sustainable food staples and other groceries to doorsteps of customers across 43 states for up 40 percent less than typical grocery store prices. Through direct connections with farmers, producers and other suppliers, Misfits Market has rescued millions of tons of food that would otherwise be wasted and increased access to food to communities who aren’t being served.
From suburban to urban to traditionally underserved rural areas, Misfits Market has delivered boxes to more than 26,000 zip codes in the United States.
In the Series C-1 round, Lydia Jett, an investor and partner of SoftBank Investment Advisers will join Misfits Market’s Board of directors.
“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,” said Lydia Jett.
“I’ve been tremendously impressed by the focus and tenacity of Abhi and the Misfits Market team. We’re excited to partner with the company as they expand their product offering and fulfill their mission to provide everyone access to high-quality, affordable food.”
About Misfits Market
Misfits Market, the direct-to-consumer online grocer focused on sustainability, affordability, and accessibility, delivers value by making it convenient to shop, eat, and live better. The company has created the first of its kind food value supply chain focused on building relationships with farmers, distributors, and producers to eliminate food waste while expanding food access. Today, Misfits Market delivers fresh organic produce, quality proteins, sustainably sourced pantry staples, and other grocery items to nearly every zip code in 43 states at up to 40 percent off traditional grocery store prices. Founded in 2018, the company is headquartered in Greater Philadelphia and has raised more than $525M in funding. To learn more and order your first box, visit www.misfitsmarket.com.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
Contacts
Patrick Mahoney
misfitsmarket@archetype.co
Source : BUSINESS WIRE
