Grubhub parent Wonder raised a $650M+ Series D at a $9B valuation, bringing its total raised to $3B+ since its founding in 2018, and plans to go public in 2027
THE SO WHAT
A $650M+ Series D at a $9B valuation for Wonder, with an IPO target in 2027, shows late-stage capital still backs integrated food and logistics plays despite delivery fatigue. Restaurant and CPG operators should assume more vertically integrated, data-rich intermediaries between them and the end customer—and negotiate accordingly.
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