GrubMarket Raises $50 Million for Food Supply Chain B2B Solutions
GrubMarket has raised $50 million in a Series G funding round to accelerate the growth of its business and its artificial intelligence (AI) software and extend the reach of its B2B software solutions for the food supply chain industry.
The company will increase its investment in people, financial infrastructure, technology and acquisitions, GrubMarket CEO Mike Xu said in a Tuesday (March 18) press release.
“We are proud to innovate within this industry and for this industry,” Xu said. “With the help of our patent-pending AI solutions, the lagging American food supply chain industry will be able to catch and ride the massive American and global AI technology wave that has been moving across all industries.”
GrubMarket offers the food supply chain industry enterprise AI solutions, B2B eCommerce tools and AI-powered software-as-a-service (SaaS) solutions, according to the release.
The company’s latest additions include an enterprise AI software solution suite called GrubAssist AI that includes a Business Analyst AI assistant; an AI Orders agent that collects and converts offline ordering information into digital orders; and a Cash Flow Analyst AI assistant that predicts cash flow patterns and trends for food wholesalers and distributors, the release said.
“ROC Venture Group continues to invest in GrubMarket because its technology is transforming the highly fragmented and outdated U.S. food supply chain — eliminating waste, optimizing operations, and delivering fresher, more affordable produce to Americans,” ROC Venture Group Managing Partner Aaron Stafford said in the release.
In January, GrubMarket settled Securities and Exchange Commission (SEC) charges that it violated antifraud provisions of the federal securities laws by providing unreliable financial information while soliciting prospective investors in a Series D round between November 2019 and February 2021.
The company agreed to a cease-and-desist order and to pay a civil penalty of $8 million to settle the charges.
Reached by PYMNTS at the time, a company spokesperson said in an emailed statement that the settlement resolved an investigation that the SEC began several years ago relating to GrubMarket’s legacy financial systems and that the company “significantly upgraded” its systems before the investigation began.
“Over the past few years, GrubMarket has evolved and matured as an organization, including introducing a robust finance function and adopting best-in-class financial controls,” the statement said.
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