Misfits Market nabs unicorn status with Series C round

Misfits Market, a US-based e-commerce platform specialising in the delivery of food that would otherwise be wasted, has completed a $200 million Series C funding round.

This brings the company's total funding to $301.5 million.

It is now valued at $1.1 billion.

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— Misfits Market (@misfitsmarket) April 19, 2021

The Series C round was co-led by Accel and D1 Capital Partners.

Existing investors, including Valor Equity Partners, Greenoaks Capital, Sound Ventures and Third Kind Venture Capital, also participated.

"In 2020, we found ourselves in the middle of a global sea change – the food supply chain experienced a once in a 100 year disruption, with major institutions and households changing the way they source and consume food," says Abhi Ramesh, Founder and CEO, Misfits Market.

"With this capital infusion, we plan to complete our expansion to the west coast, and continue to expand the selection of organic produce and high-quality, sustainably sourced proteins and pantry items, getting us one step closer to our mission of making sustainable and affordable food accessible to every community across America."

"Direct-to-consumer models aren't anything new in the food industry, but the approach Misfits Market has taken is," says Ryan Sweeney, Partner at Accel and Misfits Market's newest board member.

"Instead of focusing only on their end customer, they've managed to create a dynamic solution that also supports food suppliers at every level."