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09/14/2021

Misfits Market Raises $225M

Misfits Market, an online grocery delivery platform specializing in organic and sustainably sourced products, has raised $225 million in a Series C-1 funding round.
misfits package

The company has received $526.5 million in funding to date, including recently raising $200 million in April this year. The company’s current valuation stands at $2 billion.

Executive Summary

Misfits Market has benefited from COVID-19 pandemic trends, including higher demand for online grocery delivery services. The company, along with other delivery service providers, has seen an influx of customers, leading to expanding services and regions served, as well as attraction by investors.

The latest funding round was led by SoftBank Vision Fund 2, with participation from Accel. Misfits Market will use the funding to expand nationwide and increase its selection of items available to customers to complete its online grocery platform. 

The company has experienced “sustained growth” since its last funding round in April. MIsfits has expanded its protein offerings after opening a warehouse facility in Dallas, leading to more than 100,000 pounds of chicken, 48,000 pounds of steak and 34,000 pounds of salmon delivered by Misfits Market in just 10 weeks.

“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,” Abhi Ramesh, CEO and founder of Misfits Market, said in a statement. “We've been laser-focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realizing our vision for a better grocery experience. Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that make quality food accessible and affordable. We're ready to bring Misfits Market into the kitchens of all Americans."

Exec summary

Misfits Market currently serves 43 states, offering up to 40% off regular grocery retail prices. The company has direct relationships with farmers, producers and suppliers, “rescuing” food that would otherwise go to waste. The online grocer has delivered groceries to more than 26,000 zip codes nationwide.