Wonder, the food startup founded by serial entrepreneur Marc Lore, has confidentially filed for an initial public offering, the company said Thursday.
Wonder operates roughly 170 brick-and-mortar locations across the U.S., offering menu items from more than two dozen "restaurants" including some with celebrity chef branding. The company advertises itself as "the best restaurants from across the country, all in one place," available for delivery and takeout on its vertically integrated app.
Founded by Lore in 2018, Wonder was originally envisioned as a new take on food delivery through sprinter vans with mobile kitchens. The company has spent at least $1 billion on acquisitions, including delivery service Grubhub, meal kit brand Blue Apron and delivery and logistics provider Relay, along with some restaurant concepts.
Wonder has raised more than $3 billion in venture funding. A Series D fundraising round earlier this year gave the company a pre-money valuation of $9 billion. Lore told CNBC in September that with the proceeds from an IPO, Wonder would be able to make more acquisitions and work toward its goal of making food more accessible.
Starting Nov. 17, the company plans to introduce Wonder Create, a service where influencers, entrepreneurs and brands can pay $10 a month to start their own restaurant business out of a Wonder location and earn a portion of revenue from orders.
As a public company, Wonder will likely face investor scrutiny. Weak consumer sentiment has weighed on restaurant stocks recently, and market volatility has resulted in a shaky IPO market across industries. Lore previously founded Diapers.com and Jet.com, which he sold to Amazon and Walmart, respectively.
Analysis
Why This Matters
- The IPO will test investor appetite for a food-service concept that combines multiple restaurant brands under one roof, with a vertically integrated app for delivery and takeout.
- Wonder's growth strategy relies on acquisitions and expansion; public market funding could accelerate its goal of making food more accessible through a network of physical locations.
- The company's performance may signal consumer confidence in restaurant spending and the viability of multi-brand food ventures.
Background
Marc Lore, who previously founded Diapers.com and Jet.com and sold both to major retailers, launched Wonder in 2018. The company initially experimented with mobile kitchens in sprinter vans before pivoting to a network of brick-and-mortar locations. Wonder has since acquired several well-known food and logistics businesses, amassing a valuation of $9 billion.
What to Watch
- The timing and pricing of the IPO, and how the market values Wonder relative to its $9 billion private valuation.
- Consumer response to the Nov. 17 launch of Wonder Create, which allows third parties to operate restaurants within Wonder locations.
- Whether Wonder pursues further acquisitions with IPO proceeds, particularly in food delivery or meal-kit sectors.
Checked
12 claims in this story checked against 1 source: 12 supported.
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- SupportedWonder has confidentially filed for an initial public offering.US Top News and Analysis: “Food startup Wonder has confidentially filed for an initial public offering, the company said Thursday.”
- SupportedWonder’s Series D round earlier this year raised its pre-money valuation to $9 billion.US Top News and Analysis: “Wonder's Series D fundraising round earlier this year raised its pre-money valuation to $9 billion.”
- SupportedWonder operates roughly 170 locations in the United States.US Top News and Analysis: “Wonder has grown to roughly 170 brick-and-mortar locations throughout the U.S.”
- SupportedWonder has acquired Grubhub, Blue Apron and Relay.US Top News and Analysis: “Wonder has spent at least $1 billion on acquisitions, such as delivery service Grubhub, meal kit brand Blue Apron and delivery and logistics provider Relay, along with some buzzy restaurant concepts.”
- SupportedWonder said Thursday that it had filed for an IPO.US Top News and Analysis: “Food startup Wonder has confidentially filed for an initial public offering, the company said Thursday.”
- SupportedSerial entrepreneur Marc Lore founded Wonder in 2018.US Top News and Analysis: “Created by serial entrepreneur Marc Lore in 2018, Wonder advertises itself as”
- SupportedWonder advertises itself as “the best restaurants from across the country, all in one place.”US Top News and Analysis: “Wonder advertises itself as "the best restaurants from across the country, all in one place," available for delivery and takeout on its vertically integrated app.”
- SupportedWonder has spent at least $1 billion on acquisitions.US Top News and Analysis: “Wonder has spent at least $1 billion on acquisitions, such as delivery service Grubhub, meal kit brand Blue Apron and delivery and logistics provider Relay, along with some buzzy restaurant concepts.”
- SupportedWonder has raised more than $3 billion in venture funding.US Top News and Analysis: “Wonder has been able to afford such expensive dealmaking thanks to more than $3 billion in venture funding.”
- SupportedWonder plans to introduce Wonder Create starting Nov. 17.US Top News and Analysis: “Starting Nov. 17, the company plans to introduce more dining options through Wonder Create.”
- SupportedThrough Wonder Create, people can pay $10 a month to start a restaurant business from a Wonder location and earn a portion of order revenue.US Top News and Analysis: “Influencers, entrepreneurs and brands can pay $10 a month to start their own restaurant business based out of a Wonder location and earn a portion of the revenue from orders.”
- SupportedLore told CNBC in September that IPO proceeds would let Wonder make more acquisitions and work toward making food more accessible.US Top News and Analysis: “With the proceeds from an IPO, Wonder will be able to make more acquisitions and work toward its goal of making food more accessible, Lore told CNBC in September.”