Food & Beverage

Marc Lore food truck delivery network valued at $3.5B

Photo by istock.com

June 27, 2022

Marc Lore, who once led Walmart's e-commerce strategy, is doing well raising funding for his Wonder Group, a food delivery company, given a $350 million funding round in May which puts the value of the startup at $3.5 billion.

The total raised via debt and equity stands at $900 million, according to a Wall Street Journal report.

Lore once served as president and CEO of Walmart U.S. eCommerce after the retailer bought his startup e-commerce company Jet.com for $3.3 billion.

The valuation comes at a time when many startups are finding funding hard to find.

Investors include Bain Capital Ventures, General Catalyst and Forerunner Ventures, according to WSJ.

Wonder's strategy is to use food trucks as restaurants delivering hot food at the curbside, as well as to homes. It's up and running in several New Jersey towns and is planning to expand in that state later this year and to be in several U.S. regions within 15 years.

It's also planning to get into the meal prep kit and ready-to-heat meal channels, according to the news report.

"We want to be a super app for food," Lore told the WSJ.