Misfits Market closes mammoth funding round
Misfits Market, an e-commerce platform that sells ugly, but otherwise edible fruits and vegetables, has closed an $85 million Series B financing round.
This was led by Valor Equity Partners, with participation from Greenoaks Capital, Third Kind Venture Capital, and Sound Ventures.
The US startup was launched by Abhi Ramesh in 2018. It has now raised a total of $101.5 million, which includes a $16.5 million Series A investment from 2019.
“This investment will help us reach more people for whom our product will be essential, whether they’re sustainably minded individuals interested in the rescued produce or they’re a big household with a newly tightened grocery budget shopping the expanded marketplace for discounted staples,” Ramesh says. “Everyone deserves access to healthy food.”
Misfits Market is also opening a new warehouse in New Jersey that will help the company double its order capacity across the East Coast, and enter more Southern and Midwestern markets, including Arkansas, Mississippi, Wisconsin, and Michigan.
It will also build out its corporate and operations teams, expand its customer base, and increase product and category offerings across its online grocery platform.
Jonathan Shulkin, Partner at Valor Equity Partners, who is joining the Misfits Market board of directors, comments: “Food waste and food access are both extraordinarily important problems, especially in today's macro environment, and Misfits has built a unique, tech-forward approach to solving both.”
