DELANCO, N.J.--(BUSINESS WIRE)--Misfits Market, the leading online grocery platform focused on sustainability, affordability, and accessibility, today announced it has closed a $225M Series C-1 round led by SoftBank Vision Fund 2* and with participation from Accel. The investment brings the company’s valuation to $2B and the overall funding raised by Misfits Market to $526.5M. The additional capital will be used to fuel nationwide expansion and increase the selection of items available to customers as Misfits Market builds a complete online grocery platform.
On the heels of Misfits Market’s Series C round in April 2021 and during a pivotal period of change in the broader grocery industry, the company has experienced sustained growth as it makes headway on its mission to eradicate food deserts in America by 2025. With this new round, the company will continue to expand into new categories, having already doubled the selection of grocery items available to customers in the last four months. The recent debut of proteins in parallel with the launch of its Dallas, TX warehouse facility has led to more than 100,000 pounds of chicken, 48,000 pounds of steak, and 34,000 pounds of salmon delivered by Misfits Market in just 10 weeks.
“We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem,” said Abhi Ramesh, CEO and founder of Misfits Market. “We've been laser focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realizing our vision for a better grocery experience. Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that makes quality food accessible and affordable. We're ready to bring Misfits Market into the kitchens of all Americans."
Misfits Market’s food value supply chain brings organic produce, high-quality proteins, sustainably sourced pantry staples, and other grocery items to customers’ doorsteps in 43 states at up to 40 percent off traditional grocery store prices. Through direct relationships with farmers, producers, and suppliers, Misfits Market has rescued millions of pounds of food that would otherwise go to waste and expanded food access to underserved communities. From urban to suburban to historically underserved rural areas, Misfits Market has delivered boxes to more than 26,000 zip codes nationwide.
As part of the Series C-1 round, Lydia Jett, an investor and Partner at SoftBank Investment Advisers will join Misfits Market's Board of Directors.
“We believe Misfits Market has a deep understanding of the inefficiencies in the food supply chain and are building their own from the ground up to radically change the way food makes its way to the consumer,” said Lydia Jett. “I’ve been tremendously impressed by the focus and tenacity of Abhi and the Misfits Market team. We’re excited to partner with the company as they expand their product offering and fulfill their mission to provide everyone access to high-quality, affordable food.”
About Misfits Market
Misfits Market, the direct-to-consumer online grocer focused on sustainability, affordability, and accessibility, delivers value by making it convenient to shop, eat, and live better. The company has created the first of its kind food value supply chain focused on building relationships with farmers, distributors, and producers to eliminate food waste while expanding food access. Today, Misfits Market delivers fresh organic produce, quality proteins, sustainably sourced pantry staples, and other grocery items to nearly every zip code in 43 states at up to 40 percent off traditional grocery store prices. Founded in 2018, the company is headquartered in Greater Philadelphia and has raised more than $525M in funding. To learn more and order your first box, visit www.misfitsmarket.com.
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.