The delivery-focused restaurant company founded by former Walmart executive Marc Lore is expanding its presence in automated foodservice technology.
Wonder has completed its acquisition of Spyce, an automated culinary tool is designed to balance the core elements of cooking technique, measurement and timing, from healthy eating chain Sweetgreen.
The purchase price consists of $100M in cash and shares of Wonder, with an implied value of $86.4M based on the price per share at which shares were issued by Wonder to cash investors in its most recent preferred equity financing.
In August 2021, Sweetgreen acquired Spyce, a Boston-based start-up specialising in developing automated solutions for the restaurant industry, for approximately $70M. Leveraging Spyce capabilities, Sweetgreen developed a proprietary technology solution called Sweetgreen Infinite Kitchen that supported an automated store format it piloted in 2023 and now operates in about 20 locations nationwide.
Sweetgreen expects to continue using the Infinite Kitchen technology in many of its restaurants through a long-term supply and services agreement.
“This transaction reflects the strength of the Infinite Kitchen and the incredible work of the team behind it,” said Jonathan Neman, Co-Founder and CEO of Sweetgreen. “It allows us to stay focused on our long-term growth while continuing to benefit from a technology that has become a key part of our restaurant operations.”
