Jun 14, 2022 - Economy

Marc Lore's food truck startup Wonder raises $350 million

Illustration of a hundred dollar bill with Benjamin Franklin wearing a chef's hat.

Illustration: Aïda Amer/Axios

Wonder, a "cloud kitchen on wheels" company led by Marc Lore, raised $350 million led by Bain Capital Ventures at around a $3.5 billion valuation.

Why it matters: This is a giant investment in a moonshot meal delivery startup, which is exactly the sort of thing that would seem to be out of fashion right now. For the investors, that means it will be on their professional epitaphs, for better (brave contrarians) or worse (profligate dullards).

Other investors include Accel, NEA, General Catalyst and Forerunner Ventures. The company previously raised $400 million in equity funding and around $100 million in debt.

The bull case, per a source familiar, is a repeat founder with scaling experience, perpetual licenses with big-name chefs like Bobby Flay and tech innovation around the food trucks themselves.

The bottom line: "Wonder aims to build a network of truck-based restaurants that can cook hot curbside meals drawn from chef-driven menus. That model also allows Wonder to deliver food to homes." — Sarah Nassauer, WSJ

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