The company wants to expand into meals that can simply be heated up and meal-prep kits for customers.
Wonder, a food-delivery startup that cooks its meals in a network of neighborhood trucks, has raised $350 million during a funding round last month, according to the Wall Street Journal.
This brings its total amount of money raised in debt and equity to $900 million, elevating its value to about $3.5 billion from $1.4 billion. The Wall Street Journal stated this comes at a time when funding for startups is diminishing.
The startup is led by Marc Lore, who has previously founded Jet.com, and has been funded largely by those who have contributed to his past ventures. These include Bain Capital Ventures, GV, Accel, New Enterprise Associates, General Catalyst, and Forerunner Ventures, the Wall Street Journal reported.
Currently, Wonder is open in some New Jersey suburbs, and serves to deliver hot meals from its network of trucks. It plans to expand into another part of New Jersey later in the year, and then to regions across the country by 2035, according to the Wall Street Journal.
In addition to the meals made from its truck, 25 percent of Wonder’s revenue comes from a food-delivery service called Envoy where people can order from local restaurants via the Wonder app. This avoids steering business away from these establishments, the Wall Street Journal noted.
The company said that after making headway on the recipes for Wonder, they are now focusing on efficiency in the venture. This includes speeding up the process of cooking the food and redesigning the kitchen layout. Lastly, Wonder has used software to help the chefs cooking the meals ascertain the most efficient ways to prepare them, according to the Wall Street Journal.
The company says it also wants to expand into meals that can simply be heated up and meal-prep kits for customers in the future.
Though Lore has other ventures, he has seemingly put most of his focus on Wonder in recent days, telling the Wall Street Journal it is his focus and he has stepped back from other projects and investments he is involved in.
