Marc Lore's Wonder Confidentially Files for an IPO

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Wonder has confidentially filed for an initial public offering. The company said so on Thursday. Founder Marc Lore has made no secret of the goal.

The acquisitions behind the filing

Wonder has bought four companies: meal-kit maker Blue Apron, delivery platform Grubhub, media company Tastemade and kitchen robotics firm Spyce. The Spyce purchase gives it automation technology that could streamline food preparation.

A $425 million partnership with DoorDash covers campus dining, which operates at 450 colleges and universities and other locations.

It also runs Wonder Create. The platform lets food entrepreneurs and social media influencers develop restaurant brands, concepts and menu items. It uses AI to launch a brand in less than a minute.

Texas and a crowded field

Wonder has outlined a push into Texas. It aims to open more than 100 locations there by the end of 2027.

Public markets bring new demands. Wonder competes in a crowded delivery field against established names such as DoorDash and Uber Eats.

What Wonder is, and what it raised

Lore founded Wonder in 2018. He earlier started Jet.com and Diapers.com. Wonder started with food delivery and has since grown into a wider business built on food technology.

Each Wonder location is built like a food hall, with several restaurant brands behind a single order flow.

Wonder itself handles the cooking, delivery, pickup and dine-in service.

In July, Wonder announced a funding round of more than $650 million at a valuation of around $9 billion. Investors named include Accel, GV, AllianceBernstein and ARK Invest.

What stays hidden for now

A confidential filing means the public sees little for now. Wonder has not said how many shares it plans to offer or at what price range.

Source: TechCrunch