Food startup Wonder plans to expand into Texas next year, aiming to open at least 100 locations in the state by the end of 2027 as it prepares for a potential initial public offering (IPO).
According to CNBC, the company plans to launch Wonder Create on Nov. 17. The platform will allow influencers, entrepreneurs and brands to launch their own virtual “restaurants” operating out of Wonder locations and earn a share of the revenue generated by their orders for a monthly fee of $10.
Founder Marc Lore wants the service to make restaurant ownership accessible to more people without requiring startup capital, overhead expenses or hands-on kitchen management. The platform will eventually open to the broader public, allowing users to select menu items from Wonder’s pantry.
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Lore told CNBC that he wants to take Wonder public to raise capital and establish “a public currency to be able to do more M&A.” He declined to discuss the timing of a potential IPO.
In March, Wonder appointed Gabrielle Scheibe Rabinovitch, who previously worked at payment processor Worldpay, as its chief financial officer as the company prepared for a possible stock market debut, according to CNBC.
Wonder has raised $3.3 billion from investors, including DoorDash, Alphabet’s venture arm and Gwyneth Paltrow, according to CNBC. Earlier this year, its Series D funding round valued the company at a $9 billion pre-money valuation. Wonder has operated at a financial loss since acquiring Blue Apron and Grubhub, according to The Information.
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Wonder’s newest investors reportedly receive additional shares if the IPO is priced below 1.5 times their investment. This arrangement would put the valuation threshold for avoiding the provision at roughly $14.7 billion, or about 7.3 times the company’s projected revenue for this year.
Over the past three years, Wonder has opened 170 storefronts across the Northeast, from Virginia to Massachusetts. The company prepares food in commissary kitchens and ships it to the storefronts, where staff open sealed packaging, cook the items and finish preparing the dishes. The locations are entirely electric, allowing the company to move into spaces with fewer renovations.
Wonder’s locations offer dishes from more than two dozen virtual restaurant brands, including Dabba Indian Kitchen, Tejas Barbecue and Pop Salad. Because Wonder owns Grubhub, customers who order through its app pay no delivery fees.
Lore told CNBC that Wonder aims to make food preparation and delivery fully autonomous by 2040. The company has already begun automating some kitchen tasks, including assembling salads and bowls.