A new $120MM in equity backed by General Mill’s investment arm has pushed San Francisco-based GrubMarket BB #:301166 to a reported $2 billion in value, according to a Bloomberg article.
New investors include Squarepoint Capital, Portfolia, and Grosvenor Food & AgTech, joining existing investors including Tiger Global, Liberty Street Funds, Walleye Capital, Celtic House Asia Partners, and Apeira Capital.
GrubMarket CEO Mike Xu says the company’s mission is to “digitally transform the American food supply chain industry,” and is doing so through an ambitious acquisition strategy and implementation of its proprietary software.
Xu told Bloomberg the company’s is operating at an annual run-rate (performance based on current financials used as a predictor of future financials) of $1.5 billion, and is on track to achieve net profitability this year.
Johnny Tran, managing director of 301 Inc., venture arm for General Mills, said in a statement:
“GrubMaket’s software-based approach is reimaging produce distribution, automating tasks such as inventory management to reduce food waste.”
Since January 1, GrubMarket has announced 14 acquisitions, from software and payment firms to importers and wholesalers, including SunFed, JC Produce, and Produce Connection.