1. Corporate Strategy

Misfits Market valued at $2bn following mega funding round

Misfits Market, a US-based e-commerce platform specialising in the delivery of food that would otherwise be wasted, has closed a $225 million Series C-1, bringing its valuation to $2 billion and total equity raised to $526.5 million.

SoftBank Vision Fund 2 led the round with participation from current investor Accel.

As part of the Series C-1 round, Lydia Jett, an investor and Partner at SoftBank Investment Advisers, will join Misfits Market’s board of directors. 

Since the company’s Series C round in April, Misfits Market has entered six new US states (making it nine in total so far this year). It has also shipped groceries to more than 26,000 zip codes nationwide since its 2018 launch.

“We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem,” says Abhi Ramesh, CEO and Founder, Misfits Market.

“We’ve been laser focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realising our vision for a better grocery experience.”

“Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that makes quality food accessible and affordable. We’re ready to bring Misfits Market into the kitchens of all Americans.”

“We believe Misfits Market has a deep understanding of the inefficiencies in the food supply chain and are building their own from the ground up to radically change the way food makes its way to the consumer,” comments Jett.

“I’ve been tremendously impressed by the focus and tenacity of Abhi and the Misfits Market team. We’re excited to partner with the company as they expand their product offering and fulfil their mission to provide everyone access to high quality, affordable food.”

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