Marc Lore’s Wonder expands, mulls IPO
Food startup Wonder is planning an aggressive national expansion and considering an initial public offering following a successful $9 billion valuation. The company aims to automate kitchen functions and integrate its platform with Grubhub to offer affordable, high-quality food delivery.
Why it matters
Wonder's business model represents a significant shift in the food-tech industry, aiming to disrupt traditional restaurant delivery through vertical integration and automation.
Less than a decade after its founding, food startup Wonder has seen its footprint and valuation soar.
Still, the company has even more ambitious plans ahead, like a subscription program to let diners run their own "restaurants," an aggressive expansion in Texas and a potential initial public offering.
Created by serial entrepreneur Marc Lore in 2018, Wonder advertises itself as "the best restaurants from across the country, all in one place." Diners can place takeout or delivery orders from its food hall-style locations on the Wonder-branded app or third-party platforms, including Grubhub, which Wonder now owns.
As Lore described it to CNBC, "Wonder is a vertically integrated food technology platform to make great food more accessible."
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