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Wonder confidentially files for IPO
CNBC • • business
Key Points:
- Food startup Wonder, founded by entrepreneur Marc Lore in 2018, has confidentially filed for an initial public offering (IPO), aiming to expand its presence in the food delivery and restaurant space.
- Wonder operates about 170 brick-and-mortar locations across the U.S., offering menu items from over two dozen virtual restaurants, some featuring celebrity chef branding, all available via its integrated app.
- The company plans to launch Wonder Create on November 17, allowing influencers and entrepreneurs to start their own virtual restaurants from Wonder locations for a monthly fee and share in the revenue.
- Wonder has invested over $1 billion in acquisitions, including Grubhub, Blue Apron, and Relay, supported by more than $3 billion in venture funding, with a recent valuation of $9 billion following its Series D round.
- While the IPO proceeds will fund further acquisitions and growth, Wonder may face challenges due to weak consumer sentiment in the restaurant sector and overall market volatility impacting IPOs.
