Wonder Acquisition, Valuation, Funding & Investors
Wonder was acquired by Atari in February 2020.
Wonder revenue
$2B
Series D · Jul 2026
Cumulative funding Wonder raised
$3.1B
across 9 funding rounds
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
2016
HQ
Los Angeles, CAWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Commission
Revenue
$2B (Jul 2026)
Valuation
$9B (Jul 2026)
Sectors
Wonder Acquisition
Wonder was acquired by Atari for an undisclosed price on 11 February 2020.
Before the acquisition Wonder had raised $3.1B across 9 funding rounds.
Atari acquired Wonder on February 11, 2020, as part of its strategy to expand its intellectual property and technology portfolio. Wonder had previously raised $23.47 million across eight funding rounds, with a valuation of $51.34 million recorded in June 2017. This acquisition occurred during an early phase of Atari's broader M&A strategy, which would later accelerate significantly with high-profile purchases of game IP portfolios and entire studios in 2023-2025. Financial terms were not disclosed.
| Acquirer | Date | Type |
|---|---|---|
| 11 Feb 2020 | Strategic M&A |
Wonder Valuation
Wonder is currently valued at $9B, based on its Series D in July 2026.
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 176x from $51M at its Series A in June 2017 to $9B in July 2026, across 7 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 2024 | Series C | $3.5B | - |
| Nov 2023 | Strategic investment | $3.5B | - |
| Jun 2022 | Series B | $3.5B | 1.8x |
| Dec 2021 | Series A | $3.5B | - |
| Jun 2017 | Series A | $51M | - |
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 June 2022 to $2B in July 2026, while the revenue multiple moved from 1.8x 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 |
| Jun 2022 | $2B | $3.5B | 1.8x | Series B |
* 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 $3.1B across 9 funding rounds.
Wonder's first fundraising round was a $14M Series A in June 2017. The most recent completed round was a $650M Series D in July 2026.
Wonder funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| 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. |
| Jan 2026 | Undisclosed stage | - | $8M | - | - |
| 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. |
| Nov 2024 | Series C | - | $250M | $3.5B | Wonder is a New York-based FoodTech company founded in 2018 that reimagines at-home dining by operating food halls and delivery kitchens offering restaurant-quality meals from top chefs with fast delivery options. The company has grown rapidly, expanding physical locations and making acquisitions including Grubhub for $650 million in early 2025, Blue Apron, and Tastemade in March 2025. With over 800 employees, Wonder aims to become a super app for mealtime, currently operating 46 locations with plans to reach 90-plus by end of 2025, focusing on Northeast expansion into Philadelphia and D.C. In a Series D round dated November 15, 2025, Wonder raised $650 million led by Accel, with participation from Bain Capital Ventures, Andreessen Horowitz, GV, and existing investors, achieving a $3.5 billion valuation. This follows multiple prior rounds, including a $600 million Series B-III in May 2025 led by Google Ventures, NEA, Accel, Forerunner, and Amex Ventures at over $7 billion valuation per Bloomberg, and a $700 million round in March 2024. Total funding exceeds $2.4 billion across 7-10 rounds from 19 investors. The funds support scaling operations, product development, market expansion, technology investments, and physical retail growth at one location per week. Wonder's aggressive acquisition strategy and location expansion reflect strong investor confidence amid FoodTech sector growth, positioning it competitively with rapid fulfillment and diverse chef partnerships. |
| 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 | $3.5B | 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. |
| Jun 2017 | Series A | Grishin Robotics (lead); TCL Communication (lead); Moonshots Capital; CASSIUS | $14M | $51M | - |
Who has invested in Wonder?
25 investors have backed Wonder across its funding rounds, including Accel, GV, New Enterprise Associates, Bain Capital Ventures, Forerunner and Amex Ventures.
Lead investors include New Enterprise Associates, Nestlé, Bain Capital Ventures, Grishin Robotics and TCL Communication.
Wonder Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 5 | Participant | Dec 2021 | |
| Palo Alto, CA | 5 | Participant | Dec 2021 | |
| San Francisco, 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 | |
| San Francisco, CA | 2 | Participant | Dec 2021 | |
| New York City, NY | 2 | Participant | Jun 2022 | |
| San Francisco, CA | 1 | Lead | Jun 2017 | |
| Houston, TX | 1 | Participant | Mar 2024 | |
| San Francisco, CA | 1 | Participant | Mar 2024 | |
 Vevey | 1 | Lead | Nov 2023 | |
 Guangdong | 1 | Lead | Jun 2017 | |
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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 | |||||
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Wonder Competitors
Wonder competitors include listed companies like Kunlun, Giant Network Group, Square Enix and Krafton, and private ones like Niantic and Labs.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $672M | - | $9B | 13.4x | |
| China | Publicly listed | $1.2B | ($230M) | $8.3B | 5.7x | |
| Los Angeles, CA | Private | - | - | $10B | - | |
| China | Publicly listed | $753M | $308M | $7B | 5.0x | |
 Japan | Publicly listed | $1.9B | $362M | $7B | 2.7x | |
 South Korea | Publicly listed | $2.4B | $795M | $6.7B | 1.6x |
Wonder Public Comps
Wonder is no longer listed, but its public comps include Kunlun, Giant Network Group, Square Enix, Krafton, International Games System, 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 | ($230M) | 6.8x | 5.7x | (36.1x) | (111.2x) | |||
| $753M | $308M | 8.0x | 5.0x | 19.5x | 9.9x | |||
| $1.9B | $362M | 2.8x | 2.7x | 14.8x | 12.9x | |||
| $2.4B | $795M | 2.1x | 1.6x | 6.3x | 4.6x | |||
| $691M | $406M | 8.1x | 7.2x | 13.8x | 12.2x | |||
| $4.5B | $464M | 0.8x | 0.8x | 8.3x | 6.0x | |||
| $2.4B | $500M | 2.2x | 2.2x | 10.6x | 10.7x | |||
| $794M | $299M | 5.5x | 3.9x | 14.7x | 10.8x | |||
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Common questions about Wonder
| When was Wonder founded? | Wonder was founded in 2016. |
| Where is Wonder headquartered? | Wonder is headquartered in Los Angeles, CA, United States. |
| Is Wonder publicly listed? | No, Wonder was acquired by Atari in February 2020. |
| Who acquired Wonder? | Wonder was acquired by Atari in February 2020. |
| 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 $3.1B across 9 funding rounds. |
| What was Wonder's last funding round? | Wonder's last funding round was a $650M Series D in July 2026. |
| Who are Wonder's investors? | Wonder's investors include GV, Accel, New Enterprise Associates, Amex Ventures, Forerunner, Bain Capital Ventures, General Catalyst, Harmony Partners, Grishin Robotics, CAZ Investments and 15 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 Niantic, Kunlun, Labs, Giant Network Group, Square Enix and Krafton. |
| 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. |
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