The latest financing adds backing from major investors as Wonder develops its AI nutrition platform MEL and targets an IPO early next year.
Wonder has raised more than $650 million at a $9 billion valuation, extending support from investors including Accel, Google Ventures, NEA, ARK Invest, AllianceBernstein and Kayne Anderson as it works toward an IPO early next year. Goldman Sachs, Jefferies and JPMorgan arranged the financing. The food-tech company has said it expects to be ready to go public early next year, while continuing to expand its delivery and prepared-meals business beyond the Northeast and invest in robotics and AI. Wonder operates 135 food halls across 10 East Coast states, allowing customers to combine dishes from multiple restaurant concepts in a single order while the company handles cooking and last-mile delivery itself. It has also grown through acquisitions including Grubhub for $650 million early last year, including $500 million in assumed debt, and Blue Apron for $103 million in 2023. A longer-term focus is MEL, Wonder’s AI platform designed to analyze users’ biometrics and physical condition to plan and order personalized meals across its ecosystem. The funding comes despite projected cash burn and an IPO ratchet in the Series D, underscoring investor willingness to back Wonder’s growth strategy ahead of a potential public listing.