GrubMarket Valuation, Funding & Investors
GrubMarket is valued at $3.5B as of February 2026.
Last GrubMarket valuation
$3.5B
Series H · Feb 2026
Last GrubMarket funding round
$50M
Series H · Feb 2026
Cumulative funding GrubMarket raised
$599M
across 10 funding rounds
Key investors in GrubMarket
Notable Capital
Great Oaks Venture Capital
Fusion Fund
Y Combinator
Alumni Ventures
AME Cloud Ventures
About GrubMarket
GrubMarket is a San Leandro, California-headquartered AI-driven B2B ecommerce platform transforming the North American fresh produce supply chain. The company connects 30,000 suppliers and buyers through its marketplace, offering inventory management, logistics tracking, and financing. Operating coast-to-coast, it processes billions in transactions annually for fruits, vegetables, and seafood. Founded in 2016, GrubMarket expanded into Canada and Mexico, deploying blockchain for traceability and machine learning for demand prediction.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Valuation
$3.5B (Feb 2026)
GrubMarket Valuation
GrubMarket is currently valued at $3.5B, based on its Series H in February 2026.
The $50M round was led by Future Food Fund, with participation from Portfolia, Liberty Street Funds, RD Heritage Group, Flume Ventures and MY Securities.
GrubMarket's valuation has grown 14x from $255M at its Series C in April 2019 to $3.5B in February 2026, across 6 priced rounds.
GrubMarket valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2026 | Series H | $3.5B |
| Mar 2025 | Series G | $3.5B |
| Sep 2022 | Series F | $2B |
| Sep 2021 | Series E | $1.2B |
| Oct 2020 | Series D | $480M |
| Apr 2019 | Series C | $255M |
GrubMarket Funding History
GrubMarket has raised a total of $599M across 10 funding rounds.
GrubMarket's first fundraising round was a $2M seed round in January 2015. The most recent completed round was a $50M Series H in February 2026.
GrubMarket funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2026 | Series H | Future Food Fund (lead); Portfolia; Liberty Street Funds; RD Heritage Group; Flume Ventures; MY Securities | $50M | $3.5B | - |
| Mar 2025 | Series G | Portfolia; Liberty Street Funds; ROC VENTURE GROUP; 3Spoke; Pegasus Tech Ventures; Pinegrove Capital Partners; Joseph Stone Capital | $50M | $3.5B | GrubMarket is a food technology company operating an online farmers market and e-commerce platform that connects suppliers of local fresh produce with consumers and businesses across North America, while also providing SaaS tools like WholesaleWare for wholesalers and distributors in inventory, financial management, and logistics. It combines B2B and B2C models to capture value in the food supply chain, with a global procurement network spanning 70 countries and operations in the U.S., Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain. The company has grown through over 90 acquisitions, including recent ones like Good Eggs (turned profitable post-acquisition), Coast Citrus, Delta Fresh Produce, and Procurant (processing $5.5B GMV annually). On March 18, 2025, GrubMarket raised $50 million in a Series G round from investors including 3Spoke, Joseph Stone Capital, Liberty Street Funds, Pegasus Tech Ventures, Pinegrove Capital Partners, Portfolia, and ROC Venture Group, at a valuation exceeding $3.5 billion. This followed prior rounds like a 2021 Series E ($120M at $1.2B valuation) and a Series F ($120M at $2B valuation). The funding supports AI innovations such as GrubAssist (including Business Analyst AI, AI Orders Agent, and Cash Flow Analyst), expansion of e-commerce, larger acquisitions, and global growth, positioning GrubMarket as the largest private food tech company in the U.S. with 12,000 employees. Near the round, GrubMarket was on track for $2.4 billion in revenue in 2025, up from $2 billion in 2024 (Sacra estimates $2B in 2023, up 54% from $1.3B in 2022). It maintains EBITDA profitability, with CEO Mike Xu highlighting strong net profitability and sustainable growth. The company embeds AI for produce distribution, inventory management, and trading, including Inventory Management AI Agent and Reporting AI Agent launched in 2025. Note a January 2025 SEC charge for overstating historical revenues by $550M, but 2024/2025 figures post-date this. |
| Sep 2022 | Series F | 301 (lead) | $120M | $2B | GrubMarket is an AI-powered technology platform transforming the food supply chain through B2B and B2C eCommerce, connecting farmers directly to businesses and consumers while offering inventory management, pricing, and SaaS tools. The company operates nationwide in the US across all 50 states with global reach in over 70 countries, managing warehouses and acquisitions to scale operations. In September 2021, GrubMarket raised $120M at over $1B pre-money valuation, more than doubling from a prior $500M post-money in 2020, fueled by pandemic-driven demand in grocery delivery across 13 US states with 40 warehouses. The company reported $1B annualized run-rate revenue, up 300% YoY, with strong profitability and rapid market expansion like New York from under $10M to over $100M ARR. Later rounds in 2024-2025 raised $50M each in Series G and H, valuing the firm at $3.5B+ and $4.5B pre-money, supporting AI innovations like GrubAssist suite, Inventory Management AI Agent, and acquisitions such as Coast Citrus, Delta Fresh Produce, and Procurant which handles $5.5B GMV annually. GrubMarket emphasizes sustainable growth targeting $100B annual revenues globally via first-mile and last-mile digital solutions, positioning as the largest private US food tech firm without direct competitors in heavyweight supply chain tech. |
| Sep 2021 | Series E | Tiger Global (lead) | $200M | $1.2B | GrubMarket, an AI-powered technology enabler for the food supply chain, raised $200 million in a massively oversubscribed Series E round in September 2021 led by Tiger Global Management with participation from BlackRock, Liberty Street Funds, Apeira Capital, Japan Post Capital, Celtic House Asia Partners, We Capital, Walleye Capital, and others. The round valued the company at over $1.2 billion, supporting accelerated profitable growth, global expansion, and strategic initiatives in the food distribution sector. The funding came at a time when GrubMarket was achieving annual run rate milestones, though specific revenue or ARR figures were not detailed in the announcement. This Series E followed prior rounds including Series A ($10M in 2015 led by Fosun RZ Capital) and built momentum toward future expansions, with the company positioning itself as a digital transformer connecting food suppliers, wholesalers, distributors, markets, supermarkets, restaurants, and consumers. Investors highlighted GrubMarket's disruption of inefficient food supply chains through advanced software, operational efficiency, and rapid scaling. The capital was aimed at enhancing product offerings and market reach in the trillion-dollar food distribution industry. Subsequent developments included a $120M round in September 2022 at over $2 billion valuation with General Mills' venture arm and others, a Series G in March 2025 raising $50M above $3.5 billion post-money, and a Series H in February 2026 raising $50M at $4.5 billion pre-money valuation from Future Food Fund, Portfolia, Liberty Street Funds, and others. These later rounds focused on AI advancements, e-commerce growth, acquisitions like Procurant (facilitating $5.5B GMV), Coast Citrus, and Delta Fresh Produce, and maintaining a self-sustaining model while expanding globally. |
| Oct 2020 | Series D | Celtic House Asia Partners (lead) | $90M | $480M | GrubMarket is a mobile platform for ordering fresh food from farmers and food suppliers with delivery capabilities, operating as an AI-powered technology enabler for the American food supply chain. The company raised $81.6 million in its Series D round on October 5, 2020, at a post-money valuation of $548.46 million. Celtic House Asia Partners participated in this Series D alongside other investors including BlackRock, GGV Capital, Digital Garage, Y Combinator, and others. By October 2020, GrubMarket had demonstrated strong early traction in the food supply chain and e-commerce space, building toward the significant growth trajectory it achieved in subsequent years. The company went on to raise multiple additional rounds, including a $120 million Series E in 2021 and later a Series H in February 2026 at a $4.5 billion pre-money valuation, reflecting substantial value creation and market expansion. |
| Apr 2019 | Series C | Digital Garage (lead); WI Harper Group (lead); Ying Fund; Arancia International; Centregold Capital; Evolv Ventures; Bascom Ventures; Alumni Ventures; Fusion Fund; University Growth Fund; Notable Capital | $25M | $255M | GrubMarket, founded in 2014 by Mike Xu as part of Y Combinator's Winter 2015 cohort, operates a farm-to-table food delivery platform connecting farmers and artisans directly to consumers, meal kit providers, and grocery stores at affordable prices. The company raised $28 million (originally announced as $25 million, closing at $28.2 million per filings) in its Series C-1 round on April 4, 2019, led by Digital Garage and WI Harper Group, with participation from Alumni Ventures (via Evolv Ventures), Arancia International, Bascom Ventures, Centregold Capital (CentreGold Capital), Fusion Fund, Notable Capital (possibly via prior ties), University Growth Fund, and others including ACE & Company and GGV Capital. At the time of the round, GrubMarket reported operating on a $150 million annual run rate, up from $100 million nine months prior during its previous $32 million raise, and continued to be profitable without needing working capital. The funds were allocated to investments in technology and acquisitions rather than operations. This round brought GrubMarket's total funding to $89 million. Subsequent rounds included a Series D in October 2020 raising $60 million (up from $20 million planned) at a valuation between $400 million and $500 million, doubling from the 2019 valuation, with some overlap in investors like Digital Garage, WI Harper Group, and Centregold Capital. The company has since scaled significantly, raising hundreds more millions across later series, achieving unicorn status with recent pre-money valuations at $4.5 billion in 2025 Series H. |
| Jul 2018 | Series B | Notable Capital (lead); Max Ventures; Trinity Capital; Castor Ventures; Wells Fargo Strategic Capital; Ten Eighty Capital; Alumni Ventures; Investwide Capital; Great Oaks Venture Capital; Fusion Fund; Elysium Venture Capital; Millennium Technology Value Partners | $32M | - | GrubMarket is a US-based food supply chain operator that sources organic and healthy produce directly from farmers and delivers to businesses and consumers at a 20-60 percent discount compared to traditional grocers. The company operates a hybrid B2B and B2C model, with approximately 60-70 percent of revenue historically coming from wholesale customers including offices, grocery stores, and restaurants, with Whole Foods among its major clients. In July 2018, GrubMarket announced a $32 million funding round led by GGV Capital, with participation from Fusion Fund, Great Oaks Venture Capital, Max Ventures, Castor Ventures, Bascom Ventures, Millennium Technology Value Partner, Trinity Capital Investment, and Investwide Capital. The round was used for acquisitions and geographic expansion, including the purchase of So Cal Farm Network. According to founder and CEO Mike Xu, the company was already profitable and operating at a $100 million revenue run rate in 2018, with plans to file for an IPO in late 2018 or early 2019. The company did not publicly disclose its post-money valuation for this round, though total cumulative funding at that time was $64 million. GrubMarket was expanding from its California base to the East Coast, beginning with New York and New Jersey. |
| Aug 2016 | Series B | Sound Ventures; RiverHead Capital; FJ Labs; Global Founders Capital; Fabrice Grinda; DHVC; Great Oaks Venture Capital; Notable Capital | $20M | - | GrubMarket raised $20 million in a Series B funding round in August 2016, matching the specified investors including DHVC (Danhua Capital), Fabrice Grinda, FJ Labs (possibly via individuals), Global Founders Capital, Great Oaks Venture Capital (possibly via individuals), Notable Capital (later rounds), Riverhead Capital, and Sound Ventures, as reported by TechCrunch and GrubMarket's blog. The round aimed to expand geographically, invest in marketing, acquire customers, and develop proprietary software for operations like packaging and vendor management. At the time, the San Francisco-based company had about 25 full-time employees there and 20 in Los Angeles, partnering with 600 vendors to connect farmers and small producers directly to consumers, restaurants, and offices, charging commissions on sales for deliveries of nutritious, mostly organic foods. CEO Mike Xu emphasized conservative unit economics before market expansion in an industry with low margins and high costs. Earlier, GrubMarket had raised $10 million in Series A in 2015 led by Fosun with GGV Capital, Y Combinator, Battery Ventures, and AME Cloud Ventures, and $2.1 million in seed funding in 2014 from GGV Capital, Y Combinator, New Gen Partners, and angels. The Series B built on this to scale the online farmers market platform eliminating middlemen. Subsequent rounds saw significant growth: a $28.2 million Series C1 in April (possibly related but investors differ), later Series E rounds at over $1 billion pre-money and $2 billion valuations with $120 million each, focusing on acquisitions (over 90 total), tech development, and expansion to 40+ warehouses across multiple US states and internationally. |
| Sep 2015 | Series A | Fosun RZ Capital (lead); GWC Innovator Fund; Y Combinator; Battery Ventures; AME Cloud Ventures; DHVC; Great Oaks Venture Capital; Notable Capital | $10M | - | - |
| Jan 2015 | Seed | Jose Marin; Max Ventures; Y Combinator; AME Cloud Ventures; Fabrice Grinda; Great Oaks Venture Capital; Kevin Moore; Fusion Fund; GGV Capital; Newgen Venture Partners; Notable Capital; MSA Capital | $2M | - | - |
Who has invested in GrubMarket?
50 investors have backed GrubMarket across its funding rounds, including Notable Capital, Great Oaks Venture Capital, Fusion Fund, Y Combinator, Alumni Ventures and AME Cloud Ventures.
Lead investors include Future Food Fund, 301, Tiger Global, Celtic House Asia Partners, Digital Garage and 3 other investors.
GrubMarket Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Lead | Jan 2015 | |
| New York City, NY | 4 | Participant | Jan 2015 | |
| San Francisco, CA | 3 | Participant | Jan 2015 | |
| San Francisco, CA | 2 | Participant | Mar 2025 | |
| New York City, NY | 2 | Participant | Jan 2015 | |
| New York City, NY | 2 | Participant | Mar 2025 | |
| San Francisco, CA | 2 | Participant | Jan 2015 | |
| San Francisco, CA | 2 | Participant | Jan 2015 | |
| United States | 2 | Participant | Jul 2018 | |
| New York City, NY | 2 | Participant | Jan 2015 | |
| San Francisco, CA | 2 | Participant | Sep 2015 | |
| San Jose, CA | 1 | Participant | Sep 2015 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jose Marin |  Madrid | 1 | Participant | Jan 2015 |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by GrubMarket
GrubMarket has acquired 59 companies to date.
Last acquisition by GrubMarket was on August 18th 2026. GrubMarket acquired JR Holland Food Services for undisclosed valuation.
Latest Acquisitions by GrubMarket
| Description | JR Holland Food Services is a fresh produce wholesaler supplying fruits and vegetables to catering, retail, and foodservice customers across the UK. | Sustainable Produce Urban Delivery is an online grocer delivering organic produce and groceries in Canada. Vancouver-headquartered since 1997, SPUD sources from local farms for fruits, vegetables, dairy, and pantry items, operating subscription boxes and same-day delivery in British Columbia and Alberta. | Schoenmann Produce Company is a wholesale distributor of fruits and vegetables. | Procurant is a Redwood City-headquartered technology company digitizing the global food supply chain through its blockchain-based platform. The solution offers end-to-end traceability for fresh produce and proteins, connecting growers, distributors, retailers, and grocers. Partnerships with Sysco, US Foods, and Albertsons enable real-time data sharing on origins, quality, and logistics, reducing waste and ensuring food safety compliance across North America. | |
| HQ Country |  |  | | | |
| HQ City | Newcastle upon Tyne | Vancouver | Houston, TX | San Jose, CA | |
| Deal Date | 18 Aug 2026 | 20 Jul 2026 | 14 Apr 2026 | 17 Nov 2025 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by GrubMarket
GrubMarket has invested in 2 companies to date.
Latest investment by GrubMarket was on December 5th 2023. GrubMarket invested in Fantuan in their $41M Series C round.
Latest Investments by GrubMarket
| Description | Fantuan is a Vancouver-headquartered food delivery platform specializing in Asian cuisine across North America. It connects users with merchants in numerous cities including Toronto, New York, and Seattle. Fantuan holds the position of largest Asian food delivery service in the region, operating in Canada and the United States. | WeBox is an intelligent workplace marketplace operated by Saltalk Inc for individual meals, group catering, and office pantry services. The platform facilitates seamless shopping and delivery to corporate environments across South Korea. |
| HQ Country | | |
| HQ City | Vancouver | San Jose, CA |
| Deal Date | 5 Dec 2023 | 6 Apr 2022 |
| Round | Series C | Series A |
| Raised | $41M | $8M |
| Investors | Celtic House Asia Partners; Vision Plus Capital; JSD Capital | Celtic House Asia Partners; Taihill Venture; Foothill Ventures |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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GrubMarket Competitors
GrubMarket competitors include listed companies like Beijing United and Affle 3i, and private ones like Dutchie, Motive, Infra.Market and Moglix.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Bend, OR | Private | $45M | - | $3.8B | 83.3x | |
| Oklahoma City, OK | Private | $501M | - | $3.1B | 6.1x | |
 Mumbai | Private | $1B | - | $2.8B | - | |
 Singapore | Private | - | - | $2.5B | - | |
 China | Publicly listed | $7.6B | $373M | $2.2B | 0.2x | |
| India | Publicly listed | $282M | $67M | $2.3B | 6.7x |
GrubMarket Public Comps
GrubMarket is still privately-owned, but its public comps include Cal-Maine Foods, Post Holdings, a2 Milk, Unilever Indonesia, United Breweries, Indofood, Tate & Lyle, Orion (Spin Co), Cranswick and Ebro Foods.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.9B | $489M | 0.9x | 0.9x | 5.2x | 6.8x | |||
| $8.2B | $1.3B | 1.3x | 1.3x | 8.1x | 6.9x | |||
| $1.1B | $164M | 2.7x | 2.6x | 18.5x | 16.8x | |||
| $1.8B | $297M | 1.9x | 1.8x | 11.6x | 11.2x | |||
| $926M | $92M | 3.7x | 3.4x | 37.4x | 38.3x | |||
| $7B | $1.5B | 1.0x | 1.0x | 4.7x | 4.4x | |||
| $2.7B | $473M | 1.7x | 1.7x | 9.7x | 8.4x | |||
| $2.4B | $500M | 1.0x | 0.9x | 4.9x | 4.4x | |||
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Common questions about GrubMarket
| When was GrubMarket founded? | GrubMarket was founded in 2014. |
| Where is GrubMarket headquartered? | GrubMarket is headquartered in San Francisco, CA, United States. |
| Is GrubMarket publicly listed? | No, GrubMarket is a private, VC-backed company. |
| What is GrubMarket's valuation? | GrubMarket was last valued at $3.5B in its Series H in February 2026. |
| How much funding has GrubMarket raised? | GrubMarket has raised $599M across 10 funding rounds. |
| What was GrubMarket's last funding round? | GrubMarket's last funding round was a $50M Series H in February 2026, led by Future Food Fund. |
| Who are GrubMarket's investors? | GrubMarket's investors include Notable Capital, Great Oaks Venture Capital, Fusion Fund, Portfolia, Max Ventures, Liberty Street Funds, Y Combinator, AME Cloud Ventures, Alumni Ventures, Fabrice Grinda and 40 others. |
| Which companies are comparable to GrubMarket? | Companies comparable to GrubMarket include Dutchie, Motive, Infra.Market, Moglix, Beijing United and Affle 3i. |
| How many companies has GrubMarket acquired? | GrubMarket has acquired 59 companies, including JR Holland Food Services, Sustainable Produce Urban Delivery, Schoenmann Produce Company, Procurant and Coast Citrus Distributors. |
| How many companies has GrubMarket invested in? | GrubMarket has invested in 2 companies, including Fantuan and WeBox. |
| What was GrubMarket's last investment? | In December 2023, GrubMarket invested in Fantuan's $41M Series C alongside Celtic House Asia Partners, Vision Plus Capital and JSD Capital. |
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