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General Mills Backs GrubMarket at More Than $2 Billion Valuation

  • Tiger Global, Squarepoint, Apeira Capital among investor group
  • Company is operating at roughly $1.5 billion annual run rate

Photographer: Smith Collection/Gado/Getty Images

GrubMarket, which offers software and operates an e-commerce platform connecting farmers and other food suppliers with customers, said it’s valued at more than $2 billion after raising $120 million in equity from new backers including General Mills Inc.’s venture arm. 

Squarepoint Capital, Portfolia and Grosvenor Food & AgTech are among new investors, GrubMarket Chief Executive Officer Mike Xu said. Existing investors including Tiger Global, Liberty Street Funds, Walleye Capital, Celtic House Asia Partners and Apeira Capital also participated. Xu said GrubMarket is keen to acquire traditional, offline wholesalers and distributors.