The company does business in 70 countries around the world and aims to expand further, it said in a Monday (Feb. 2) press release.
During 2025, GrubMarket launched an inventory management AI agent for the food supply chain industry and a reporting AI agent that automates business analysis, according to the release. The company also acquired tropical produce provider Coast Citrus, produce distributor Delta Fresh Produce, and fresh produce industry trading platform Procurant, per the release.
“GrubMarket has experienced an incredible acceleration in growth over the last 12 months and continues to stand out as the largest private food technology company in the United States,” GrubMarket CEO Mike Xu said in the release.
“Since we have a self-sustaining business model, this funding round was not a necessity; rather, we saw it as an opportunity to align our company’s valuation with the new level of scale and strength that we have achieved with our eCommerce business growth, our AI-powered tech innovations, and the significant ongoing value we generate for the industry.”
The round valued GrubMarket at a pre-money valuation of $4.5 billion, per the release.
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GrubMarket raised $50 million in a Series G funding round last March.
When the company acquired Procurant in November, Xu said the acquisition would expand GrubMarket’s software portfolio and strengthen its position as an enterprise AI solutions provider for the U.S. food supply chain.
Procurant offers tools for procurement, tools for connecting suppliers with retailers and food service operators, and offerings covering quality control, compliance and food safety management. At the time of the acquisition, it had more than 850 customers in 14 countries and facilitated $5.5 billion in gross merchandise volume per year.
GrubMarket was founded as an online market and food delivery service designed to connect consumers directly with farm fresh produce, Xu told PYMNTS in an interview posted in 2015.
By 2020, GrubMarket had blended organic food delivery to businesses like supermarkets and restaurants with a consumer-based eCommerce operation capitalizing on the farm-to-table movement.
