Wonder, the food hall and delivery startup founded by Marc Lore acquired Grubhub for $650 million.
The deal, expected to close in the first quarter of 2025, includes $500 million in senior notes and $150 million in cash. Wonder also announced an additional $250 million in capital raised from new investors.
Wonder operates multi-brand food halls.
Grubhub, acquired by Just Eat Takeaway.com (JET) for over $7 billion in 2021, has struggled to keep up with competitors like DoorDash and Uber Eats. Despite its broad reach, Grubhub has seen a decline in market share and has faced increasing competition in the crowded U.S. food delivery market.
Just Eat has been looking to offload Grubhub for some time, and the acquisition price is a stark contrast to the $7 billion JET paid for the platform just a few years ago.
What’s behind the deal?
Wonder, which operates multi-brand food halls where meals are prepared by chefs and delivered to customers, is rapidly expanding. With 28 locations in the Northeast and plans to grow to 90 by the end of 2025, the company aims to be a major player in the food delivery space.
The Grubhub deal gives Wonder access to a nationwide restaurant network and a built-in delivery infrastructure.
A vision for a “super app”
Marc Lore, Wonder founder and CEO
Lore’s goal is to create a “super app” that offers everything from prepared meals to groceries and meal kits—all in one place. In a statement, Lore emphasized that the app would feature a curated selection of Grubhub’s restaurant partners, alongside Wonder’s own food hall offerings and meal kits from Blue Apron, which Wonder acquired in 2023.
“Bringing Wonder and Grubhub together is the next step in our vision to create the super app for meal time, re-envisioning the future of food delivery,” Lore said in a statement.
The acquisition of Grubhub by Wonder marks a bold step in Lore’s vision to revolutionize the food delivery industry.
“I am incredibly excited for Grubhub to join forces with Wonder and bring more value to our diners, merchants and delivery partners,” Howard Migdal, Grubhub CEO said in a statement. “Since our earliest days, Grubhub has helped restaurants open their doors to new customers while introducing diners to new cuisines. That’s why I’m confident that Grubhub will complement Wonder’s mission to make great food more accessible.”
