Misfits Market Tries to Adapt Post-Imperfect Foods Acquisition
Posted on 04/25/2023
Misfits Market was founded in 2018. In April 2021, Misfits Market raised US$ 200 million in Series C funding at a valuation north of US$ 1 billion. Accel and D1 Capital Partners co-led, and were joined by insiders Valor Equity Partners, Greenoaks Capital, Sound Ventures, and Third Kind Ventures. On September 7, 2022, Philadelphia-based Misfits Market, the online grocery platform focused on foods not up-to-par with regular grocers, acquired its competitor Imperfect Foods. Law firm Wilson Sonsini Goodrich & Rosati advised Misfits Market on the transaction. The companies hoped to reach profitability by early 2024. Scale matters in grocery.
Founded in 2015, Imperfect Foods was an online grocer at the forefront of eliminating food waste.
In February 2023, Misfits Market moved to shutter three fulfillment centers following Imperfect Foods acquisition. The company is shifting its distribution operations to smaller fulfillment centers.
