DELANCO, NJ — Misfits Market, an online grocery platform focused on sustainability, affordability, and accessibility, has closed a $225M Series C-1 round. The company plans to use the funds to fuel nationwide expansion and increase the selection of items available to customers.
This comes after the company closed its Series C funding round in April with plans to expand distribution and eradicate food deserts in the United States by 2025. In the last four months, the online ghrocer has doubled its selection of grocery items available to customers.
“We have seen tremendous growth in 2021 and still have a number of grocery categories lined up and ready to be introduced to the Misfits Market ecosystem,” said Abhi Ramesh, chief executive officer and founder of Misfits Market. “We've been laser-focused on building our food value supply chain and this capital infusion enables us to deploy it nationwide and continue realizing our vision for a better grocery experience. Shoppers have responded, and proven there is a market and an appetite for online grocery platforms that makes quality food accessible and affordable. We're ready to bring Misfits Market into the kitchens of all Americans."
Misfits Market brings organic produce, high-quality proteins, sustainably sourced pantry staples, and other grocery items to customers’ doorsteps in 43 states at up to 40% off traditional grocery store prices. Through direct relationships with farmers, producers and suppliers, Misfits Market has rescued millions of pounds of food that would otherwise go to waste and expanded food access to underserved communities, according to the company.
As part of the Series C-1 round, Lydia Jett, an investor and Partner at SoftBank Investment Advisers, will join Misfits Market's Board of Directors.
“We believe Misfits Market has a deep understanding of the inefficiencies in the food supply chain and are building their own from the ground up to radically change the way food makes its way to the consumer,” Ms. Jett said. “I’ve been tremendously impressed by the focus and tenacity of Abhi and the Misfits Market team. We’re excited to partner with the company as they expand their product offering and fulfill their mission to provide everyone access to high-quality, affordable food.”