Wonder, a food delivery and restaurant concept company founded by entrepreneur Marc Lore in 2018, announced a confidential filing for an initial public offering on Thursday. The company positions itself as aggregating restaurant offerings from across the United States into a single delivery and takeout platform operated through its vertically integrated mobile application.
The business has evolved from its original concept of mobile kitchens deployed via sprinter vans into a network of approximately 170 physical locations nationwide. These venues feature menu items from more than two dozen restaurant concepts spanning various cuisine types, with some branded around celebrity chefs. The company plans to expand its offerings starting November 17 through a new service called Wonder Create, which will allow influencers, entrepreneurs, and brands to establish restaurant operations within Wonder locations for a $10 monthly fee while sharing in order revenue.
Wonder has pursued an aggressive acquisition strategy, spending at least $1 billion on deals including former delivery service Grubhub, meal kit company Blue Apron, and logistics provider Relay, alongside various restaurant concepts. The company has raised more than $3 billion in venture capital to fund these activities. A Series D fundraising round earlier this year valued the company at $9 billion on a pre-money basis.
Lore indicated to CNBC in September that IPO proceeds would support additional acquisitions and efforts to increase food accessibility. However, as a public company, Wonder would likely face heightened investor scrutiny amid challenging conditions for restaurant industry stocks and broader IPO market volatility affecting companies across sectors. Lore previously founded Diapers.com and Jet.com, which he sold to Amazon and Walmart respectively.
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