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After snagging $700 million in funding, Wonder, the food truck-turned-food hall concept founded by billionaire entrepreneur Marc Lore, is gearing up to launch nearly 100 locations across the Northeast.

In a March 19 LinkedIn post, Lore said the new capital will enable the Cranford-headquartered venture to grow from its current base of 11 outposts to 35 by the end of 2024 and 90 by the end of 2025. After noting the company’s focus on scaling the business, Lore went on to say the funding will also go toward research & development.

“We will continue driving culinary innovation by aggressively investing in research and development, including faster cook times, software enhancements, new menu items, new chefs and iconic restaurant partnerships. Customers love features like multi-restaurant ordering and we’ll have many exciting new products and partnerships to talk about soon,” Lore said.

He added that Wonder will also work on technology to boost unit-level economics, specifically back-end features that improve food waste and kitchen designs that allow for better throughput and consistency.

Lore also said the company will look to enhance its delivery network and ensure there are enough couriers to deliver food in a timely manner.

Gaining steam

Originally launched in 2018 as a concept based on mobile kitchens that prepared chef-designed meals outside of customers’ homes, Wonder has pivoted over the past year to a venture focused on physical locations offering options from restaurants it has licensing deals with.

In 2023, Wonder opened five eateries in New York City and five in New Jersey. It also debuted its first-ever retail location inside of a Walmart in Quakertown, Pa., and expects to add similar spots at the big box chain’s stores in Teterboro and Ledgewood.

Other highlights from the year included Wonder’s $103 million acquisition in November 2023 of meal kit provider Blue Apron. That deal expanded the startup’s offerings to include boxes of recipes and ingredients as well as heat-and-eat options. The announcement came a few weeks after Wonder secured a $100 million investment and strategic partnership with food giant Nestlé to grow a new business-to-business offering.

In his LinkedIn post, Lore recapped a few other developments, including the addition of 350-plus new menu items across 30 restaurant concepts exclusively on Wonder as well as partnerships with acclaimed chefs like Marcus Samuelsson and Jose Andres.

He also said the business has achieved unit-level profitability, with each location serving all 30 of Wonder’s partnering brands in an average of 30 minutes or less. Lore also noted Wonder maintains customer satisfaction with a 60-plus Net Promoter Score.

Big possibilities

At the time of Wonder’s last significant fundraising effort, back in 2022, it was valued at $3.5 billion, according to The Wall Street Journal. 

Lore told Restaurant Business last fall that he believes there’s a path to a $1 trillion market cap for Wonder and that there eventually could be as many as 7,000 locations nationwide.

He also said there’s a possibility of an initial public offering for the venture.

According to Lore, the new funding includes investments from shareholders Bain Capital Ventures, Accel, GV, NEA, Forerunner, Alpine, Harmony and Watar Partners. It also includes $100 million from Lore himself and backing from new investors like Dragoneer, Jefferies, Red & Blue Ventures, CAZ Investments, Kuvare Insurances and Fubon Ventures.

“As someone who is typically focused on the future, it’s hard not to look back at this strategic transformation and all that Wonder has accomplished within the past year with pride. We are clearly on our way to building the super app for mealtime and fulfilling our mission of making great food more accessible,” Lore wrote this week.

“Wonder’s continued growth would not have been possible without the incredible team on the ground in each of our locations, bringing Wonder to life for our customers. I want to recognize our world-class team and trusted partners and investors who fuel our vision of revolutionizing the way people eat. Thank you to Wonder’s leadership team as well as the Wonder Board, who have provided constant guidance and support every step of the way,” he also wrote. “And an extra special thank you to all of our amazing customers and the neighborhoods they live in for being so welcoming.”