Wonder, the food start-up founded by the former head of e-commerce at Walmart, has significant new funds and ambitious expansion plans.
The funding includes participation from all major existing Wonder shareholders, led by NEA, GV, Accel, Bain Capital Ventures, Forerunner, Alpine and Harmony, as well as further investment from Watar Partners. Lore is also personally investing $100M in this round.
Lore said the capital will support expansion, research and development and driving unit economics. The multi-pronged effort includes accelerating the expansion of Wonder’s physical retail locations, with plans to grow from its current base of 11 locations to 35 by the end of 2024 and 90 by the end of 2025, focusing on communities throughout the Northeast.
In January 2023, Wonder abandoned its previous mobile food truck focus and pivoted to an operating strategy reminiscent of the ghost kitchen model, initially operating 10 kitchens around New Jersey and New York that offer delivery and in-location dining and pickup.
Wonder also plans to “aggressively invest” in research and development, according to Lore, focusing on areas including faster cook times, software enhancements, new menu items, new chefs and new restaurant partnerships.
