SAN FRANCISCO, March 18, 2025 /PRNewswire/ — GrubMarket, an AI-powered technology enabler and digital transformer of the American food supply chain, announced today it has raised approximately $50 million in a Series G funding round, which values the company at over $3.5 billion. The round saw participation from Liberty Street Funds, 3Spoke Capital, ROC Venture Group, Portfolia, Pegasus Tech Ventures, Joseph Stone Capital, and other unnamed investors.
“GrubMarket has experienced incredible growth over the last year,” stated Mike Xu, CEO of GrubMarket. “Our revenues surpassed $2 billion in 2024, and we became the largest private food technology company in the United States, while maintaining a strong financial bottom line. This funding aligns our valuation with our business growth, AI tech innovations, and value creation for the industry.”
In 2024, GrubMarket introduced the first Enterprise AI software solution suite for the American food supply chain. Xu emphasized the company’s commitment to innovation, stating that GrubMarket’s AI solutions will help the industry leverage the ongoing wave of AI technology. The Series G funding will boost AI software and business growth, expand eCommerce reach globally, and increase investment in people, financial infrastructure, technology, and acquisitions. Xu affirmed that GrubMarket will continue to operate a sustainable business.
GrubMarket serves as a leading Enterprise AI solutions provider for the American food supply chain and a pioneer in tech-enabled B2B food eCommerce. The company utilizes technology to transform the American and global food supply chain, serving tens of thousands of customers, including grocery stores, restaurants, hotels, schools, corporate offices, government facilities, online food delivery companies, farms, and individual consumers.
GrubMarket was recognized on the CNBC Disruptor 50 list for two consecutive years, 2023 and 2024. Furthermore, GrubMarket’s CEO and Founder, Mike Xu, was acknowledged by Goldman Sachs (NYSE:GS) as one of the Most Exceptional Entrepreneurs of 2024.
GrubMarket’s Sustainable California initiative, active since 2023, aims to preserve California’s farming environment, support farmers, and revitalize the state’s agricultural ecosystem. This initiative has promoted organic farming, supported reforestation, and driven innovative food system technologies. For 2025, GrubMarket plans to support the Los Angeles area with environmental restoration following recent wildfires by sponsoring a reforestation project in partnership with non-profit reforestation organizations.
This investment round follows several milestones for the company. GrubMarket released GrubAssist AI, the first Enterprise AI software solution suite built for the food supply chain, featuring the innovative Business Analyst AI assistant and AI Orders agent. In 2024, the company also expanded to South Africa, acquired one of the largest foodservice companies in Texas, and acquired Good Eggs, an online grocery provider, achieving net profitability soon after the acquisition.
Today, GrubMarket operates in all 50 U.S. states and has a global presence in Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain. The company operates in over 70 countries and has over 12,000 employees.
“GrubMarket has rapidly grown into a major food technology company by leveraging best-in-class AI-powered software solutions and strong operational discipline. 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.,” commented Kevin Moss, President of The Private Shares Fund and Managing Director of Liberty Street Advisors. “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. Our fund is delighted and honored to be a part of GrubMarket’s exciting journey ahead.”
Aaron Stafford, managing partner of ROC Venture Group, added, “ROC Venture Group continues to invest in GrubMarket, because its technology is transforming the highly fragmented and outdated U.S. food supply chain—eliminating waste, optimizing operations, and delivering fresher, more affordable produce to Americans. Ensuring access to nutritious food should be our foundation—because without it, nothing else truly matters.”
Forward-Looking Statement This announcement contains forward-looking statements, which provide current expectations or forecasts of future events. These statements include those about our expectations, beliefs, plans, objectives, intentions, assumptions, and other non-historical facts. Words or phrases like “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “ongoing”, “plan”, “potential”, “predict”, “project”, “strive”, “will”, or their negative variations, may identify forward-looking statements.
For Media Inquiries: GrubMarket Media Team Email: [email protected]
