- GrubMarket raises $60 million during the lockdown
- The app focused on its services even during lockdown with appropriate guidelines
- The profits doubled due to the increased demands of home delivery of items
- GrubMarket has seen a growth of 800% as compared to 2019
GrubMarket is a company that works with smaller farms and other suppliers. It sells and delivers its items by way of its online stores to both restaurants and different size stores. The company said that it raised $60 million in its series D round of funding this year. Xu, Founder and CEO of the company, says that the company is currently valued between $400 – 500 million.
With the help of its B2B and B2C delivery services, it supplies to grocery stores. It also manages to supply meal-kit companies and food tech startups. Xu says that the only success criteria of his startup career is to eventually make a $100 billion of annual sales.
Buying food alongside traditional grocery stores is now not in as much demand. People want delivery platforms may it be restaurants or groceries. GrubMarket has become one of the critical companies that bridges between producers and customers.
About GrubMarket
GrubMarket has built its own software, eliminating many complicated transactions. It’s a faster and more efficient way of delivering food and groceries. This feature makes it admirable, and due to CoronaVirus GrubMarket has profited a lot.
At present, the company is active in different cities. The cities are the San Francisco Bay Area, Los Angeles, San Diago, Seattle, Texas, Michigan, Boston, and New York. It operates 21 warehouses nationwide. Xu explains GrubMarket as a “major food provider” in the Bay Area.
How did GrubMarket work during COVID19?
It has more than 500 grocery stores, 8000 restaurants. It includes about 2000 corporate offices, for example, Kroger. A lot of it produces organic that attracts customers. Xu said the company had experienced pain during its start. The startup then took a proactive approach to protect its workers and customers from COVID 19.
So far the company found “a couple of positive employees”. However, the precautionary methods were taken fully. The team has done an incredible job of growing the company.
Even in the pandemic, GrubMarket turned out to be a success. It is a rare Silicon Valley startup, said Jay Chen. Its rapid nationwide expansion and smart-work made it a success.
