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Misfits Market to Expand to New Categories

Specialty Food Association

Misfits Market has raised $225 million in a series C-1 funding round led by SoftBank Vision Fund 2 with participation from Accel. This brings the company’s valuation to $2 billion and the overall funding raised to $526.5 million.

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 percent off traditional grocery store prices, helping to redirect millions of pounds of food that would go to waste.

With this new round, the company will continue to expand into new categories, having already doubled the selection of grocery items available to customers in the last four months.

“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, CEO and founder of Misfits Market, in a statement. “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."

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,” said Jett, in a statement. “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.”

Related: Misfits Market Launches Pop-Up Mobile TourMisfits Market Raises $200 Million.

Image: Misfits Market