GrubMarket at a glance
As of- [1] Latest valuation: Tech Times, February 2026
What GrubMarket does
GrubMarket describes itself as "the AI-powered technology enabler and digital transformer of the American food supply chain industry."[1] Founded in 2014 by CEO Mike Xu, GrubMarket grew from an online produce marketplace into a food supply chain platform that operates across all 50 U.S. states and does business in more than 70 countries, TechStartups reported in July 2026.[2] Its GrubAssist AI product is an enterprise software suite built for wholesalers, distributors and other food supply chain businesses.[2] GrubMarket serves tens of thousands of customers, including grocery chains, restaurants, hotels, schools, farms and government facilities.[2] GrubMarket has completed more than 60 acquisitions over 12 years, most recently Canadian online grocer SPUD on July 21, 2026, according to Tech Times.[3]
Business model and customers
GrubMarket surpassed $2 billion in revenue in 2024, according to Reuters as cited by TechStartups.[2] Tech Times reported in July 2026 that GrubMarket's 2024 revenue surpassed $2 billion, with an estimated $2.4 billion in 2025.[3] Tech Times reported that GrubMarket employs approximately 12,000 people (Jul 2026).[3] In a January 2025 SEC settlement, GrubMarket paid an $8 million civil penalty after the agency found it had given Series D investors financial information that overstated historical revenues by approximately $550 million over five years, Tech Times reported.[3]
Leadership
- Mike Xu, founder (2014) and CEO of GrubMarket[2]
Is this your company? Get featured or correct your listing →
Recent changes
- Jul 28, 2026Jul 28, 2026IPO an undisclosed amount Tech Times
- Jul 28, 2026Jul 28, 2026GrubMarket Files Confidential IPO at $4.5B Valuation Pulse story
- Feb 2, 2026Feb 2, 2026Raised $50M Series H Tech Startups
- Feb 2026Feb 2026Valuation rose from $3.5B to $4.5B Tech Times
- Mar 2025Mar 2025Raised $50M Series G at a $3.5B valuation Tech Startups
Earlier changes (1)
- Mar 2025Mar 2025First reported valuation: $3.5B Tech Startups
Funding history
2 equity events · newest first · sources dated per row| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Feb 2, 2026 | Series H | $50M | — | — WithFuture Food FundPortfolia FundsLiberty Street FundsRD Heritage Group+2 more | Tech Startups |
| Mar 2025 | Series G | $50M | $3.5Bpost-money | — | Tech Startups |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
Debt, IPO & other events
not counted in equity raised| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jul 28, 2026 | Confidential draft S-1 submitted July 28, 2026; not priced | — | — | Tech Times |
How GrubMarket has been funded
GrubMarket raised $50 million in a Series G in March 2025 at a $3.5 billion valuation, TechStartups reported.[2] GrubMarket announced a $50 million Series H on February 2, 2026.[1] The Series H came from Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, MY Securities and other participants at a pre-money valuation of $4.5 billion, according to Tech Times.[3],[2] CEO Mike Xu said the Series H "was not a necessity" because GrubMarket has a self-sustaining business model.[3],[2] On July 28, 2026, GrubMarket announced that it had confidentially submitted a draft Form S-1 registration statement to the SEC for a proposed IPO, with the share count and price range not yet determined.[4] Tech Times reported that GrubMarket has raised more than $600 million in total from investors including Tiger Global, GGV Capital and Battery Ventures.[3]
Investors
Latest Pulse
- Jul 29, 2026Why This Week's IPO Pricings Signal a Real ReopeningThree unrelated IPOs -- biotech, consumer apparel, and food-tech -- all moved through the pipeline in the same 48 hours, and the mix, not the size, is what shows the 2026 IPO window has genuinely reopened beyond AI mega-caps.→
- Jul 28, 2026GrubMarket Files Confidential IPO at $4.5B ValuationAI-powered food supply chain company GrubMarket confidentially filed for a US IPO, months after reaching a $4.5 billion valuation in a $50 million February Series H round.→
Coverage Timeline
newest firstAll Coverage
Value Add Research
GrubMarket FAQ
What is GrubMarket's valuation?
GrubMarket's $50 million Series H in February 2026 valued it at $4.5 billion pre-money, up from $3.5 billion in its March 2025 Series G.[3],[1],[2]
How much revenue does GrubMarket make?
GrubMarket's revenue surpassed $2 billion in 2024, according to Reuters as cited by TechStartups, and Tech Times reported an estimated $2.4 billion for 2025.[2],[3]
When is the GrubMarket IPO?
GrubMarket confidentially submitted a draft S-1 to the SEC on July 28, 2026; the number of shares and price range have not yet been determined, so no IPO date or ticker has been set.[4] Until the IPO prices, GrubMarket shares are available only on secondary private markets to accredited investors, Tech Times reported.[3]
Who invested in GrubMarket?
GrubMarket's February 2026 Series H investors included Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures and MY Securities, and earlier backers include Tiger Global, GGV Capital and Battery Ventures.[3]
Who owns GrubMarket?
GrubMarket, founded by CEO Mike Xu in 2014, is privately held and backed by investors including Tiger Global, GGV Capital and Battery Ventures, Tech Times reported in July 2026.[2],[3]
How much has GrubMarket raised?
GrubMarket has raised more than $600 million in total funding, Tech Times reported in July 2026.[3]
References
researched 2026-10-19Sources & methodologyshow
Where these figures come from
- Tech StartupsValue Add VC data2 facts
- Tech TimesValue Add VC data2 facts
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.