Marc Lore's 'Wonder' mobile restaurant service valued at $3.5B
Wonder, a New York-based mobile restaurant company started by Minnesota Timberwolves co-owner and prominent e-commerce entrepreneur Marc Lore, has raised around $350 million in funding at a $3.5 billion valuation.
The company, according to its website, operates a network of truck-based restaurants from which consumers can order food through a mobile app. The food is prepared and cooked near a customer's location so the person receiving the food gets it "served as soon as it's ready."
It basically combines the food truck method with food delivery.
"Your fries are crispy, your steak is juicy, and your pizza is hot: just the way they should be," Wonder's website reads.
The new method of at-home dining was introduced by Lore in January and it now serves 22 towns with 19 mobile restaurant chains. It's only available in the Garden State but the plan is to continue to expand in New York, New Jersey and Connecticut, with Lore saying there will be 30 mobile restaurant chains within a year.
Some of the restaurants featured on the app include Bobby Flay Steak, Di Fara Pizza, Taqueria del Dia, Bar Nakazawa, SriPraPhai, Fred's Meat & Bread and more.
"Today, we’re excited to announce the next big step in our journey — a $350M Series B led by Bain Capital Ventures," Lore wrote in an update this week, noting that numerous new investors have bought into the business model.
The Wall Street Journal reports that Wonder is valued at $3.5 billion.
In addition to the trucks, the company is hoping to offer ready-to-heat meals and meal preparation kits with its food delivery options in the future.
Lore held a chief executive officer role at Walmart a year ago before holding the same position at Wonder. According to his LinkedIn, Lore previously co-founded Jet.com, an online retailer that was purchased by Walmart in 2016 for $3.3 billion. He also founded another e-commerce company called Quidsi Inc., that was acquired by Amazon in 2010.
Last month, Lore was tapped to head up Minnesota's latest bid for a World's Fair, set to take place in 2027. Lore, along with Alex Rodriguez, became part of the ownership team for the Timberwolves and Lynx in 2021. They are expected to have majority ownership of the teams by 2023.
