Online marketplace Misfits Market has raised $200 million in a series C round of funding co-led by Accel and D1 Capital, with participation by existing investors.This brings the total raised by the company to $301.5 million.
Founded in 2018, Misfit Market sells imperfect but edible fruits, vegetables, pantry, and packaged items at a discount, which helps to reduce food waste.
The COVID-19 pandemic accelerated growth for the online marketplace, which tripled its farmer and supplier relationships and saw five times the growth in active customers and order volume last year. In addition, in the first four months along, Misfits Market has rescued the same amount of food as it saved in 2020 as a whole, the company said.
“In 2020, Misfits Market found itself in the middle of a global sea change—the food supply chain experienced a once-in-a-100-year disruption, with major institutions and households changing the way they source and consume food,” said Abhi Ramesh, founder and CEO, Misfits Market, in a statement. “With this capital infusion, we plan to complete our expansion to the west coast, and continue to expand the selection of organic produce and high-quality, sustainably-sourced proteins and pantry items, getting us one step closer to our mission of making sustainable and affordable food accessible to every community across America.”
