$4.5B Food Tech Firm GrubMarket Submits Confidential IPO Filing

Food supply chain technology company GrubMarket has confidentially submitted a draft registration statement for a proposed initial public offering.

The company confidentially submitted the Form S-1 with the Securities and Exchange Commission (SEC), it said in a Tuesday (July 28) press release.

“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” GrubMarket said in the release. “The proposed public offering remains subject to the completion of the SEC review process, as well as market and other conditions.”

GrubMarket was valued at $4.5 billion in a February Series H funding round in which it raised $50 million, PYMNTS reported at the time. That was up from the $3.5 billion valuation the company achieved in a March 2025 Series G funding round in which it raised $50 million, according to a press release.

The company said in a February press release that it was doing business in 70 countries around the world and aimed to expand further.

“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.”

GrubMarket announced July 21 that it completed the acquisition of Sustainable Produce Urban Delivery (SPUD), a Vancouver, British Columbia, online grocery service, to expand GrubMarket’s B2C eCommerce reach British Columbia and Alberta.

About three months earlier, on April 15, GrubMarket said it completed the acquisition of Schoenmann Produce, a Houston produce distributor serving the Gulf Coast region, to strengthen GrubMarket’s presence in the Texas and Gulf Coast produce markets.

In November 2025, GrubMarket acquired Procurant, a produce industry trading and software-as-a-service platform, to expand GrubMarket’s software portfolio and strengthen its position as an enterprise AI solutions provider for the U.S. food supply chain.