San Francisco-based GrubMarket says it raised $50 million in its Series G funding round, led by Liberty Street Funds, 3Spoke Capital, ROC Venture Group, Portfolia, Pegasus Tech Ventures, Joseph Stone Capital, and other unnamed participants. Grub Market said in a news release this funding round values the company at $3.5 billion.
GrubMarket CEO Mike Xu said the result is a major milestone for the company.
“GrubMarket has experienced an incredible acceleration in growth over the last 12 months — our revenues surpassed $2 billion in 2024, and we became the largest private food technology company in the United States while continuing to maintain a strong and healthy financial bottom line,” Xu said in the release. “As our business model is highly sustainable, this funding round was not a necessity, but rather an opportunity to align our valuation with the scale and strength of our business growth, our AI tech innovations, and the significant value we create for the industry.”
Xu said GrubMarket plans to continue on its path of growth with this new round of funding.
“This Series G funding will turbocharge our AI software and business growth and extend our eCommerce reach globally,” Xu said. “We will increase our investment in people, financial infrastructure, technology, and acquisitions. Above all, we will continue to operate a sustainable business as the foundation of this company.”
GrubMarket offers AI-powered software as a service solution that services nationwide retailers, restaurants, hotels, schools, farms and more. Its offerings include:
- WholesaleWare, an AI-powered software-as-a-service ERP platform that provides food industry wholesalers, distributors and shippers with financial management, sales support, online ordering, precise inventory management, lot traceability, grower accounting, and automated routing and logistics.
- GrubAssist AI — AI agents designed to help farmers expedite and enhance operational efficiency across tasks such as business analysis, inventory analysis, order entry and cash flow analysis.
- Orders IO, the company’s e-commerce technology that provides farmers with mobile apps and online ordering portals to increase their sales capacity and digitally transform the cumbersome offline ordering process.
Since 2023, the company has also offered its Sustainable California initiative to preserve the state’s farming, promote organic farming, develop innovative technologies and more.
“The company’s growth and scale are supported by established business fundamentals and a commitment to sustainability, benefiting farmers in California and across the U.S.,” Kevin Moss, president of The Private Shares Fund and managing director of Liberty Street Advisors, said in a news release. “Through persistent innovation in AI enterprise solutions, vertical SaaS operations software, and its eCommerce platform and ecosystem, GrubMarket has become a pioneer in transforming the trillion-dollar American food supply chain industry.”
