Wonder Revenue, Valuation, Funding & Investors
Wonder is valued at $9B as of July 2026, a 4.5x revenue multiple. Wonder revenue was $2B, as disclosed with its latest round.
Last Wonder valuation
$9B
Series D · Jul 2026
Last Wonder funding round
$125M
Series D · Sep 2026
Wonder revenue
$2B
Series D · Jul 2026
Key investors in Wonder
Accel
GV
New Enterprise Associates
Bain Capital Ventures
Forerunner
Amex Ventures
About Wonder
Wonder is a San Francisco-headquartered gaming company building an all-in-one platform for Android devices. Launched in 2020, the platform enables cross-device game play, live streaming, and social sharing features integrated with Google Play services. It supports thousands of titles from developers worldwide, reaching millions of users in Southeast Asia and Latin America through partnerships with carriers like Verizon.
Founded
2018
HQ
New York, NYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Commission
Revenue
$2B (Jul 2026)
Valuation
$9B (Jul 2026)
Sectors
Wonder Valuation
Wonder is currently valued at $9B, based on its Series D in July 2026. Read the announcement ↗
The $650M round included GV, New Enterprise Associates, Kayne Anderson Rudnick (KAR), ARK Investment Management, AllianceBernstein and 1 other investor.
Wonder's valuation has grown 2.6x from $3.5B at its Series B in June 2022 to $9B in July 2026, across 4 priced rounds.
Wonder valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jul 2026 | Series D | $9B | 4.5x |
| May 2025 | Series D | $7B | 3.5x |
| Nov 2023 | Strategic investment | $3.5B | - |
| Jun 2022 | Series B | $3.5B | - |
Wonder Revenue
Wonder's latest recorded revenue is $2B, as of its Series D in July 2026. At a $9B valuation, that implies a 4.5x revenue multiple.
Revenue moved from $2B in May 2025 to $2B in July 2026, while the revenue multiple moved from 3.5x to 4.5x.
Wonder revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jul 2026 | $2B | $9B | 4.5x | Series D |
| May 2025 | $2B | $7B | 3.5x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Wonder Funding History
Wonder has raised a total of $2.9B across 7 funding rounds.
Wonder's first fundraising round was a $400M Series A in December 2021. The most recent completed round was a $125M Series D in September 2026.
Wonder funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series D | DoorDash (lead) | $125M | - | DoorDash invested USD 125 million in Wonder, the food hall and food technology company founded by Marc Lore, as an addition to Wonder's USD 650 million Series D round announced in July 2026. The investment was announced on 15 September 2026 as part of a strategic partnership under which DoorDash also agreed to buy Wonder's Grubhub Campus Dining business, formerly Tapingo, for USD 300 million. Together the arrangements were reported as deals worth USD 425 million. Wonder said the investment supports its physical expansion and investment in technology, robotics and AI, and Lore said the partnership lets Wonder focus on its long-term ambition of a fully autonomous food system. Wonder operates a chain of food halls designed for delivery and now has 157 locations, more than four times its footprint at the start of 2025, with its first Texas location planned for 2027. It acquired Grubhub in 2024 for USD 650 million and owns brands including Blue Apron and Tastemade, as well as restaurant chains such as Mighty Quinn's BBQ, Salt Hank's and Blue Ribbon Fried Chicken. Wonder was founded in 2018. |
| Jul 2026 | Series D | GV; New Enterprise Associates; Kayne Anderson Rudnick (KAR); ARK Investment Management; AllianceBernstein; Accel | $650M | $9B | Wonder closed a $650 million Series D funding round on July 16, 2026, at a pre-money valuation of $9 billion, with Accel leading participation alongside existing investors GV (Google Ventures) and New Enterprise Associates (NEA), plus new capital from AllianceBernstein, ARK Invest (Cathie Wood), and Kayne Anderson Rudnick Investment Management. The round includes an IPO ratchet provision granting investors extra shares if Wonder's public debut prices below 1.5 times the current round's share price, and fell short of the company's initial $11 billion target. CEO Marc Lore personally invested in the round, reportedly contributing $200 million, and confirmed Wonder is preparing for an IPO as early as early 2027. Strategically, the capital will accelerate Wonder's automation-first restaurant model by expanding its physical footprint to 140 locations (from 46 just 14 months prior), scaling its marketplace, and deepening investments in kitchen robotics, artificial intelligence, and delivery technology. The funding positions Wonder as vertically integrated infrastructure for mealtime rather than a traditional restaurant roll-up, leveraging proprietary kitchen tech and delivery infrastructure to host and acquire restaurant brands. Founded in 2018 by Juan Cappello and Marc Lore, Wonder is a NYC-based food technology platform that has raised approximately $3.15 billion in total equity funding since inception. The company has acquired Grubhub, Blue Apron, and Spyce to build a vertically integrated "Personalized Nutrition OS" and programmable cooking platform. Wonder operates 140 automated restaurant locations across 14 months of expansion, with Goldman Sachs, Jefferies, and J.P. Morgan serving as placement agents on the deal. |
| May 2025 | Series D | New Enterprise Associates (lead); GV; Amex Ventures; Forerunner; Accel | $600M | $7B | Wonder, a food hall startup founded by Marc Lore, operates multi-concept food halls featuring about 30 restaurants from celebrity chefs like Bobby Flay and Jose Andres, offering dine-in, takeout, and delivery with 30-minute fulfillment times. The company raised $600 million in May 2025 led by New Enterprise Associates with participation from Accel, Google Ventures (GV), Forerunner, and strategic investor Amex Ventures, achieving a post-money valuation over $7 billion. This follows a $700 million round in March 2024 and acquisitions including Grubhub for $650 million in early 2025 and ownership of Blue Apron. At the time of the round, Wonder reported over $2 billion in total revenue, inclusive of Grubhub contributions. The funding supports aggressive expansion from 46 to over 90 locations by end-2025, opening one per week primarily in the Northeast including Philadelphia and Washington, D.C. Total capital raised since 2018 exceeds $1.85 billion, with $1.5 billion in the past year. Proceeds will fuel R&D in faster cook times, software enhancements, new menus, proprietary tech for food waste reduction, next-gen kitchens, and delivery network improvements. Wonder also sells ovens and white-label food to clients like stadiums and hospitals, positioning as a 'super app for mealtime.' CEO Lore expressed IPO ambitions without sale plans. Investors signal confidence in Wonder's multi-channel food platform scaling amid sustained momentum post-acquisitions and prior fundings. |
| Mar 2024 | Undisclosed stage | CAZ Investments; Dragoneer; GV; Amex Ventures; Forerunner; Jefferies; Alpine Investors; Fubon Financial; Bain Capital Ventures; Accel; Harmony Partners; Kuvare Asset Management (KAM) | $700M | - | Wonder is a food hall and delivery startup founded by Marc Lore that operates upscale food halls featuring approximately 30 restaurant concepts from celebrity chefs like Bobby Flay, Jose Andres, and Nancy Silverton. The company offers dine-in, takeout, and delivery services with typical 30-minute fulfillment times. In March 2024, Wonder closed a $700 million funding round led by existing shareholders including NEA, GV, Accel, Bain Capital Ventures, Forerunner, Alpine, and Harmony, with additional participation from new investors Dragoneer, Jefferies, Red & Blue Ventures, CAZ Investments, Kuvare Insurance, and Fubon Ventures, plus strategic investors Amex Ventures and Nestlé. Founder Marc Lore contributed $100 million of the round personally. At the time of this round, Wonder had 11 brick-and-mortar locations and planned to expand to 35 locations by end of 2024 and 90 by end of 2025. The company had previously raised $1.5 billion in total equity funding and was valued at $3.5 billion in its 2022 fundraise. Wonder also acquired Blue Apron and completed a $650 million acquisition of Grubhub approximately four months before announcing a subsequent $600 million funding round that valued the company above $7 billion. |
| Nov 2023 | Strategic investment | Nestlé (lead) | $100M | $3.5B | Wonder Group, founded in 2018 by Marc Lore, former Walmart e-commerce chief, operates as a food tech company transitioning from van-based delivery to 'fast-fine' food halls offering dine-in, pickup, and delivery with celebrity chefs like Bobby Flay and José Andrés. It recently acquired Blue Apron for $103 million to expand into meal kits and developed kitchen equipment for efficient meal production, targeting consumer and B2B markets via WonderWorks for hotels, stadiums, airports, and offices. On November 7, 2023, Wonder raised $100 million from Nestlé, bringing total funding to approximately $950 million. This strategic investment supports expansion of WonderWorks, integrating Nestlé products like Sweet Earth veggie burgers, Nescafé coffee, and Stouffer’s entrées, while Nestlé gains access to Wonder's technology for foodservice improvements in quality, consistency, and revenue streams post-pandemic. The round occurred at a pre-money valuation of $3,500 million, consistent with the $3.5 billion valuation from its prior $350 million Series B in June 2022 led by Bain Capital. Post-round, Wonder planned 10 New York-area locations by end-2023 and aimed for 30 restaurants from fixed spaces. In March 2024, it raised $700 million more from existing investors like Bain Capital Ventures and new ones including Dragoneer, planning 35 locations by end-2024 and 90 by end-2025, plus R&D. |
| Jun 2022 | Series B | Bain Capital Ventures (lead); General Catalyst; GV; New Enterprise Associates; Amex Ventures; Forerunner; Watar Partners; Willow Wealth; Alpine Group; Accel; Harmony Partners | $350M | $3.5B | Wonder is a New York-based food delivery startup founded by Marc Lore, former Jet.com and Walmart e-commerce executive, operating a network of mobile trucks where celebrity chefs like Bobby Flay, Nancy Silverton, and Michael Symon prepare high-end meals curbside for delivery. As of June 2022, the service was available in 22 towns in New Jersey, serving over 130,000 households with 19 mobile restaurants launched since its debut six months prior. It also runs Envoy, a service allowing orders from local restaurants, which accounted for about 25% of revenue at the time. In June 2022, Wonder raised $350 million in a Series B funding round led by Bain Capital Ventures, with participation from Accel, Alpine Group, Amex Ventures, Forerunner Ventures, General Catalyst, GV, Harmony Partners, NEA, Watar Partners, Willow Wealth, and others including Yieldstreet. This brought total debt and equity funding to $900 million, elevating the post-money valuation to $3.5 billion from a prior $1.4 billion. The round was reported in mid-June 2022, aligning with the specified date and investors. The funds support expansion within the tri-state area and nationwide by 2035, alongside optimizations like recipe refinement, kitchen redesigns, and software for efficient meal preparation after spending hundreds of millions on development. Wonder aims to add prepared foods, meal kits, and ready-to-heat options to its platform. Operating in the competitive food delivery and FoodTech space, Wonder differentiates with truck-based production to deliver fresh, chef-driven meals, avoiding traditional restaurant dependencies while complementing local eateries via Envoy. |
| Dec 2021 | Series A | General Catalyst; GV; New Enterprise Associates; Bain Capital Ventures; Accel | $400M | - | Wonder is a food delivery startup founded by Marc Lore, operating a vertically integrated restaurant model with food halls featuring menus from celebrity chefs like Bobby Flay, Jose Andres, and others, offering dine-in, takeout, and delivery typically within 30 minutes. The company launched around 2021 and has pivoted from mobile food trucks to storefront ghost kitchen-style locations. A Series D round raised $650 million at a $3.5 billion valuation, led by Accel with participation from investors including Bain Capital Ventures, General Catalyst, GV (Google Ventures), and New Enterprise Associates, aligning with the queried investors. This funding supported Wonder's aggressive expansion, transitioning to physical locations and aiming for rapid growth in units, later planning 90+ stores by 2025. The company has raised over $1.7-1.85 billion total since inception, with significant capital in recent years fueling storefront openings at a rate of one per week in later phases. Wonder has pursued acquisitions to build a 'super app for mealtime,' including Blue Apron for $100-103 million in late 2023, Grubhub for $650 million (with $150 million cash and $500 million debt) in early 2024, and Tastemade in 2025. These moves expand into meal kits, delivery apps, and food media amid unprofitability, with $80 million losses noted from the 2023 pivot. Investors continued support in subsequent rounds like $700 million in 2024 and $600 million in 2025 at over $7 billion valuation, led by similar backers including NEA, Accel, and GV. |
Who has invested in Wonder?
22 investors have backed Wonder across its funding rounds, including Accel, GV, New Enterprise Associates, Bain Capital Ventures, Forerunner and Amex Ventures.
Lead investors include DoorDash, New Enterprise Associates, Nestlé and Bain Capital Ventures.
Wonder Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Participant | Dec 2021 | |
| Palo Alto, CA | 5 | Participant | Dec 2021 | |
| Menlo Park, CA | 4 | Lead | Dec 2021 | |
| New York City, NY | 3 | Participant | Jun 2022 | |
| San Francisco, CA | 3 | Participant | Jun 2022 | |
| San Francisco, CA | 3 | Lead | Dec 2021 | |
| Cambridge, MA | 2 | Participant | Dec 2021 | |
| New York City, NY | 2 | Participant | Jun 2022 | |
| Houston, TX | 1 | Participant | Mar 2024 | |
| San Francisco, CA | 1 | Participant | Mar 2024 | |
 Vevey | 1 | Lead | Nov 2023 | |
| New York City, NY | 1 | Participant | Mar 2024 | |
| United States | 1 | Participant | Mar 2024 | |
This data is available for Pro users. Sign up to see all 22 Wonder investors. Start Free Trial | ||||
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 Wonder
Wonder has acquired 9 companies to date.
Last acquisition by Wonder was on August 20th 2026. Wonder acquired Salt Hank's for undisclosed valuation.
Latest Acquisitions by Wonder
| Description | Salt Hank's is a sandwich restaurant that first built an audience through online channels and later opened a physical site on Bleecker Street. | Mighty Quinn's Barbeque is a chain of barbecue restaurants serving beef brisket, pork ribs, pulled pork, turkey, and sides like mac and cheese, collard greens, and cornbread. New York-headquartered since 2013, locations operate in Manhattan, Brooklyn, Long Island, New Jersey, and Texas. The menu features all-natural meats smoked over post oak wood for 12-18 hours. Mighty Quinn's offers catering, franchising opportunities, and bottled sauces. | Blue Ribbon Fried Chicken is a restaurant chain specializing in fried chicken preparations. It operates locations offering classic Southern-style dishes alongside sides and beverages in a casual dining setting. | Claim is a viral social shopping app that enables brands to run weekly product Drops for Gen Z users. Headquartered in Los Angeles, it facilitates direct customer acquisition through friend referrals and rewards, turning users into advocates for fashion and lifestyle products from partners like Urban Outfitters. | |
| HQ Country | | | | | |
| HQ City | New York City, NY | New York City, NY | - | Boston, MA | |
| Deal Date | 20 Aug 2026 | 9 Jul 2026 | 10 Feb 2026 | 20 Jan 2026 | |
| Valuation | undisclosed | undisclosed | undisclosed | $14M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Wonder acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Wonder Competitors
Wonder competitors include listed companies like Kunlun, International Games System, Square Enix and NEXON, and private ones like Labs and Animoca Brands.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Santa Monica | Private | - | - | $10B | - | |
 China | Publicly listed | $1.2B | ($232M) | $7B | 4.2x | |
 Taiwan | Publicly listed | $677M | $397M | $6.9B | 7.9x | |
 Japan | Publicly listed | $1.9B | $357M | $6.9B | 2.7x | |
| Japan | Publicly listed | $3B | $721M | $13B | 3.2x | |
 Hong Kong | Private | $140M | $97M | $5.9B | 42.1x |
Wonder Public Comps
Wonder is still privately-owned, but its public comps include Kunlun, International Games System, Square Enix, Giant Network Group, Krafton, Bilibili, 37Games, Kingnet Network, NEXON and Konami.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | ($232M) | 5.2x | 4.2x | (27.9x) | 50.5x | |||
| $677M | $397M | 9.2x | 7.9x | 15.7x | 13.2x | |||
| $1.9B | $357M | 2.8x | 2.7x | 14.7x | 12.6x | |||
| $759M | $311M | 5.8x | 3.5x | 14.3x | 6.7x | |||
| $2.5B | $815M | 1.7x | 1.2x | 5.2x | 3.7x | |||
| $4.6B | $468M | 0.7x | 0.6x | 6.7x | 4.9x | |||
| $2.4B | $504M | 1.8x | 1.8x | 8.7x | 9.4x | |||
| $801M | $301M | 4.8x | 3.1x | 12.6x | 8.8x | |||
This data is available for Pro users. Sign up to see all Wonder competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Wonder
| When was Wonder founded? | Wonder was founded in 2018. |
| Where is Wonder headquartered? | Wonder is headquartered in New York, NY, United States. |
| Is Wonder publicly listed? | No, Wonder is a private, VC-backed company. |
| What is Wonder's valuation? | Wonder was last valued at $9B in its Series D in July 2026. |
| How much funding has Wonder raised? | Wonder has raised $2.9B across 7 funding rounds. |
| What was Wonder's last funding round? | Wonder's last funding round was a $125M Series D in September 2026, led by DoorDash. |
| Who are Wonder's investors? | Wonder's investors include GV, Accel, New Enterprise Associates, Amex Ventures, Forerunner, Bain Capital Ventures, General Catalyst, Harmony Partners, CAZ Investments, Dragoneer and 12 others. |
| What is Wonder's revenue? | Wonder's latest recorded revenue is $2B (July 2026). |
| What is Wonder's revenue multiple? | Wonder's latest valuation implies a 4.5x revenue multiple ($9B valuation on $2B of revenue). |
| Which companies are comparable to Wonder? | Companies comparable to Wonder include Labs, Kunlun, International Games System, Square Enix, NEXON and Animoca Brands. |
| How many companies has Wonder acquired? | Wonder has acquired 9 companies, including Salt Hank's, Mighty Quinn's Barbeque, Blue Ribbon Fried Chicken, Claim and Spyce. |
| What was the largest acquisition by Wonder? | The $650M acquisition of Grubhub in November 2024 is the largest acquisition Wonder has made to date. |
See companies similar to Wonder
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.