Wonder raises $600M in capital; opening one store per week
The delivery-focused restaurant company founded by former Walmart executive Marc Lore is receiving a major influx of investment dollars.
In an email to Chain Store Age, a Wonder spokesperson said the company has just raised another $600 million in capital. The investment is led by existing major shareholder NEA with participation from other longtime shareholders including Accel, GV, Forerunner Ventures and Amex Ventures.
With this new funding, Wonder plans to continue accelerating the expansion of its physical retail locations, opening one a week with plans to grow from a current base of 45 locations throughout New York City, New Jersey, Rhode Island, Pennsylvania and Connecticut.to more than 90 by the end of 2025.
This round of investment follows a 2024 infusion of $700 million in capital, with participation from all major Wonder shareholders, as well as further investment from Watar Partners. Lore, who also personally invested $100 million in the 2024 round, said the capital will support expansion, research and development, and driving unit economics.
[READ MORE: Marc Lore-led food startup raises $700M; plans 90 stores by 2025]
In addition to opening new stores and expanding into new markets, Wonder is focusing on growing meal kit provider Blue Apron, which it purchased for $103 million in 2023; as well as integrating on-demand delivery platform Grubhub, which it acquired from Netherlands-based global online delivery conglomerate JustEatTakeaway.com for $650 million in November 2024.
Wonder - a brief history
Marc Lore is credited with transforming Walmart’s e-commerce operations and served as president and CEO of Walmart U.S. e-commerce from 2016 to January of 2021.
He founded Wonder Group and committed himself full-time to the business in December of 2021. Since then, Wonder has raised at least another $700 million in capital and announced plans to grow from its current base 38 locations to 90 by the end of 2025.
In January 2023, Wonder abandoned its previous mobile food truck focus and pivoted to an operating strategy reminiscent of the ghost kitchen model, operating kitchens that offer delivery and in-location dining and pickup. Wonder customers can choose items from menus curated by various celebrity chefs such as José Andrés, Michael Symon and Bobby Flay. The menus feature different types of cuisines, allowing customers, for example, to order Mexican and Italian food in the same order.
Wonder also plans to “aggressively invest” in research and development, according to Lore, focusing on areas including faster cook times, software enhancements, new menu items, new chefs and new restaurant partnerships.
Lore said the company will also continue to invest in proprietary technology to drive operational efficiencies, including back-end technology focused on driving down food waste; next-gen kitchen designs to improve throughput and consistency, and an enhanced delivery network.
Wonder has publicly said its ultimate goal is to become the “super app for meal time.”
