Imperfect Foods Acquisition, Valuation, Funding & Investors
Imperfect Foods was acquired by Misfits Market in September 2022.
Cumulative funding Imperfect Foods raised
$229M
across 7 funding rounds
Key investors in Imperfect Foods
Flybridge
Norwest
Shasta Ventures
Maveron
Insight Partners
Gratitude Railroad
Correlation Ventures
FirstMark
About Imperfect Foods
Imperfect Foods is a grocery delivery service rescuing surplus and cosmetically imperfect produce, dairy, meat, seafood, and shelf-stable items from farms and suppliers. San Francisco-based, it minimizes food waste by redistributing products directly to consumers nationwide through subscription boxes.
Founded
2015
HQ
San Francisco, CAWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Subscription
Valuation
$700M (Jan 2021)
Imperfect Foods Acquisition
Imperfect Foods was acquired by Misfits Market for an undisclosed price on 7 September 2022.
Before the acquisition Imperfect Foods had raised $229M across 7 funding rounds.
| Acquirer | Date | Type |
|---|---|---|
| 7 Sep 2022 | Strategic M&A |
Imperfect Foods Valuation
Imperfect Foods is currently valued at $700M, based on its Series D in January 2021.
The $110M round was led by Hamilton Lane, Insight Partners and Norwest, with participation from FirstMark, Flybridge and Blisce.
Imperfect Foods' valuation has grown 18x from $38M at its Series A in May 2017 to $700M in January 2021, across 2 priced rounds.
Imperfect Foods valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2021 | Series D | $700M |
| May 2017 | Series A | $38M |
Imperfect Foods Funding History
Imperfect Foods has raised a total of $229M across 7 funding rounds.
Imperfect Foods' first fundraising round was a $700K seed round in February 2016. The most recent completed round was a $110M Series D in January 2021.
Imperfect Foods funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2021 | Series D | Hamilton Lane (lead); Insight Partners (lead); Norwest (lead); FirstMark; Flybridge; Blisce | $110M | $700M | Imperfect Foods, founded in 2015, operates as a sustainable online grocery service focused on rescuing surplus and imperfect food items including produce, meats, dairy, pantry staples, and private-label products to reduce food waste. The company evolved from food redistribution to a full-stack e-grocer, expanding during the COVID-19 pandemic by partnering with airlines and theaters for unused goods, and serving regions across the West Coast, West South Central, Midwest, and Northeast U.S. In January 2021, Imperfect Foods announced a Series D funding commitment of $95 million, which was increased to $110 million with additional investments from Hamilton Lane and Blisce, alongside participation from FirstMark, Flybridge, Insight Partners, and Norwest, with Hamilton Lane, Insight Partners, and Norwest as leads. This brought total funding to $229.1 million. Sources confirm the round valued the company at $700 million post-money. Proceeds were allocated to increase production capacity, accelerate the private-label program, enhance the shopping experience, and support farmers and suppliers. At the time of the round, Imperfect Foods reported a subscriber base of 350,000 customers and closed 2020 with a revenue run rate exceeding $500 million, following years of triple-digit growth. By end-2020, annual sales reached over $400 million per internal documents, though momentum slowed in Q3 2020. The company aimed for mass-market appeal with ambitions to add alcohol, frozen foods, and ready-to-eat options, positioning against Trader Joe's and farmers' markets while emphasizing sustainability. However, post-pandemic sales declined, leading to struggles by late 2021. In 2022, Imperfect Foods was acquired by rival Misfits Market in an all-stock deal, combining operations toward $1 billion in sales and profitability by 2024, with collective food rescue efforts nearing 500 million pounds. |
| May 2020 | Series C | Insight Partners (lead); Flybridge; Norwest; Semillero Partners | $72M | - | Imperfect Foods, a sustainable grocery delivery service specializing in surplus and 'ugly' produce along with full grocery boxes including meat, dairy, seafood, and shelf-stable goods, raised $72 million in a Series C funding round on approximately May 20, 2020, led by Insight Partners with participation from Norwest Venture Partners, Flybridge, and others. The funding aimed to expand nationwide grocery delivery, increase fulfillment center capacity, and enhance technology to connect producers with customers and reduce food waste. The company had seen significant growth, with average order sizes and weekly order volumes doubling year-over-year, and over 40% growth in active user base since early 2020 amid COVID-19 demand. This Series C brought total funding to around $119 million since its 2015 launch. Imperfect Foods leveraged the pandemic to rescue surplus items like popcorn kernels, cheese trays, and organic meat from disrupted supply chains, building a fast-growing subscriber base focused on sustainability. By the end of 2020, following triple-digit growth, it achieved a revenue run rate exceeding $500 million, with $400 million in annual revenue and 350,000 subscribers, though growth began slowing by Q3 2020. A later Series D in January 2021, led by Insight Partners and Norwest with a $95-110 million commitment, valued the company at $700 million. Imperfect Foods was eventually acquired by Misfits Market in September 2022 after raising over $228 million total. It competed in the crowded online grocery space boosted by e-commerce surges during the pandemic. |
| Jun 2018 | Series B | Norwest (lead); Maveron; Flybridge; Kevin Durant | $30M | - | - |
| Jan 2018 | Series A | Maveron (lead); Chancelor Bennett; Delphi VC; Shasta Ventures | $5M | - | - |
| May 2017 | Series A | Maveron (lead); Flybridge; Gratitude Railroad; Shasta Ventures | $9M | $38M | Imperfect Foods raised $9.12 million in a Series A-1 round on May 5, 2017, at a post-money valuation of $37.91 million. The round was led by Maveron alongside investors including Shasta Ventures, Flybridge, and Gratitude Railroad. Founded in 2015, Imperfect Foods operates a sustainable online grocery delivery business focused on delivering surplus and cosmetically imperfect but healthy produce directly to consumers. The company aimed to address food waste by rescuing the approximately 40% of unspoiled food discarded annually in the United States. At this early stage, Imperfect Foods was building its direct-to-consumer delivery model with a focus on fresh produce curation and logistics efficiency. |
| Oct 2016 | Seed | Techammer; Alpaca VC; Flybridge; Fresh Source Capital; Gratitude Railroad; Reshape Ventures; Shasta Ventures; Correlation Ventures; Jason Fiedler; Giovanni Gardelli; Ranch Ventures | $2M | - | - |
| Feb 2016 | Seed | - | $700K | - | - |
Who has invested in Imperfect Foods?
21 investors have backed Imperfect Foods across its funding rounds, including Flybridge, Norwest, Shasta Ventures, Maveron, Insight Partners and Gratitude Railroad.
Lead investors include Hamilton Lane, Insight Partners, Norwest and Maveron.
Imperfect Foods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 5 | Participant | Oct 2016 | |
| San Francisco, CA | 3 | Lead | May 2017 | |
| San Francisco, CA | 3 | Lead | Jun 2018 | |
| United States | 3 | Participant | Oct 2016 | |
| United States | 2 | Participant | Oct 2016 | |
| New York City, NY | 2 | Lead | May 2020 | |
| Philadelphia, PA | 1 | Lead | Jan 2021 | |
| New York City, NY | 1 | Participant | Jan 2021 | |
| New York City, NY | 1 | Participant | Oct 2016 | |
| New York City, NY | 1 | Participant | Oct 2016 | |
![](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} Chancelor Bennett | -- | 1 | Participant | Jan 2018 |
| New York City, NY | 1 | Participant | Jan 2018 | |
| United States | 1 | Participant | Oct 2016 | |
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Start Free TrialImperfect Foods Competitors
Imperfect Foods competitors include listed companies like Hemnet and WeBuyCars, and private ones like Dunzo, Daki, Dingdang Kuaiyao and Movile.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Bangalore | Private | $24M | - | $775M | 32.3x | |
 São Paulo | Private | $4M | - | $800M | 200.0x | |
 Beijing | Private | - | - | $522M | - | |
| São Paulo | Private | - | - | $1B | - | |
 Sweden | Publicly listed | $156M | $78M | $685M | 5.2x | |
 South Africa | Publicly listed | $1.6B | $90M | $734M | 0.5x |
Imperfect Foods Public Comps
Imperfect Foods is no longer listed, but its public comps include Hemnet, WeBuyCars, Ixigo, Jahez, almeera, Groupon, DIP, Cars.com, Maoyan Entertainment and EverQuote.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $156M | $78M | 4.8x | 5.2x | 9.6x | 11.1x | |||
| $1.6B | $90M | 0.5x | 0.5x | 9.7x | 8.6x | |||
| $128M | $8M | 5.0x | 4.5x | 83.7x | 57.8x | |||
| $620M | $34M | 1.1x | 0.9x | 20.6x | 14.7x | |||
| $799M | $83M | 1.2x | 1.1x | 11.3x | 11.5x | |||
| $498M | ($19M) | 1.7x | 1.7x | (45.9x) | 11.4x | |||
| $353M | $85M | 1.5x | 1.5x | 6.1x | 7.4x | |||
| $723M | $157M | 1.4x | 1.4x | 6.5x | 4.8x | |||
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Common questions about Imperfect Foods
| When was Imperfect Foods founded? | Imperfect Foods was founded in 2015. |
| Where is Imperfect Foods headquartered? | Imperfect Foods is headquartered in San Francisco, CA, United States. |
| Is Imperfect Foods publicly listed? | No, Imperfect Foods was acquired by Misfits Market in September 2022. |
| Who acquired Imperfect Foods? | Imperfect Foods was acquired by Misfits Market in September 2022. |
| What is Imperfect Foods' valuation? | Imperfect Foods was last valued at $700M in its Series D in January 2021. |
| How much funding has Imperfect Foods raised? | Imperfect Foods has raised $229M across 7 funding rounds. |
| What was Imperfect Foods' last funding round? | Imperfect Foods' last funding round was a $110M Series D in January 2021, led by Hamilton Lane, Insight Partners and Norwest. |
| Who are Imperfect Foods' investors? | Imperfect Foods' investors include Flybridge, Maveron, Norwest, Shasta Ventures, Gratitude Railroad, Insight Partners, Hamilton Lane, FirstMark, Techammer, Alpaca VC and 11 others. |
| Which companies are comparable to Imperfect Foods? | Companies comparable to Imperfect Foods include Dunzo, Daki, Dingdang Kuaiyao, Movile, Hemnet and WeBuyCars. |
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