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Delivering ‘ugly’ produce to more US states

Misfits Market raises $85 mln series B funding

Food delivery services company Misfits Market has raised a $85 million series B funding; it was led by Valor Equity Partners with participation from additional investors including Greenoaks Capital, Third Kind Venture Capital and Sound Ventures.

The startup was launched by Abhi Ramesh in 2018 with a goal to deliver organic fruits and vegetables unwanted by grocery stores due to cosmetic imperfections or excess supply at a discounted price.

“We’ve been a mission-driven company since day one,” Ramesh said in a prepared statement. “What’s different today is how pressing it is for us to accelerate our growth. 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 added. “Everyone deserves access to healthy food.”

Image: Misfits Market

Misfits Market is also opening a new, state-of-the-art 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.

Source: forbes.com


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