Wonder Raises Over $650 Million at $9 Billion Valuation, Short of $11 Billion Target

Wonder raised more than $650 million in a Series D round at a $9 billion valuation. Returning investors Accel, Google Ventures, and NEA participated alongside new investors AllianceBernstein, ARK Invest, and Kayne Anderson. Goldman Sachs, Jefferies, and J.P.

Morgan served as placement agents. The round brings Wonder’s total funding above $3 billion since its 2018 founding. The company operates 135 food halls across 10 East Coast states, with each location running up to 30 restaurant concepts from a single kitchen.

Customers order through its app, and Wonder handles cooking and delivery. Wonder acquired Grubhub for $650 million early last year, including $500 million in assumed debt. It bought Blue Apron in 2023 for $103 million, Sweetgreen’s Spyce division and Infinite Kitchen for $186.4 million in November 2025, Mighty Quinn’s BBQ this week, and Blue Ribbon Fried Chicken earlier this year.

Marc Lore said the company plans to enter Texas next year. Investor materials reviewed by The Information show Wonder projects burning nearly $2.7 billion in cash through 2029 and expects to lose roughly $618 million on an adjusted EBITDA basis this year before reaching positive cash flow in 2030. Same-service-area sales are growing roughly 20 percent year over year.

The round includes an IPO ratchet that gives investors extra shares if the public debut prices below 1.5 times the current round’s share price, and it fell short of an initial $11 billion target valuation. Lore said he personally invested in the round and has participated in every Wonder funding round. He stated that Wonder will be ready and prepared to go public early next year.

Lore also described an AI platform called MEL that tracks biomarkers and plans meals, which he has used himself.