Wonder Raises $650 Million at $9 Billion Valuation

Wonder continues to attract investor confidence as the food technology company expands its restaurant platform, announcing Thursday that it raised $650 million in a Series D funding round that values the business at $9 billion before the investment.

Existing investors Accel, GV, and New Enterprise Associates participated in the round, joined by new investments from funds managed by AllianceBernstein, ARK Invest, and Kayne Anderson Rudnick Investment Management.

The capital will fund new locations, growth of Wonder’s marketplace, and continued investment in technology, robotics, and artificial intelligence. The company said its footprint has expanded from 46 locations to approximately 140 since its last funding announcement in May 2025.

Wonder, founded by entrepreneur Marc Lore, combines company-owned restaurants, licensed brands, local restaurant delivery, and meal solutions under a single digital platform. Customers can order items from multiple restaurant concepts in one transaction.

“Wonder was founded with the mission to make great food more accessible,” Lore said in a statement. “By building the technology, robotics and infrastructure behind a new kind of food platform, we’re making high-quality food more affordable, more convenient and available to more people than ever before. This funding allows us to accelerate that mission.”

The announcement comes after a string of acquisitions that have expanded Wonder’s restaurant portfolio. Recently, the company said it acquired New York City barbecue chain Mighty Quinn’s, adding eight locations across New York, Florida, and Maryland. It followed Wonder’s purchase of Blue Ribbon Fried Chicken earlier this year, with that concept expanding across additional Wonder locations.

Those restaurant deals add to a broader acquisition strategy that has also included Grubhub for $650 million, Sweetgreen’s Infinite Kitchen business for $186 million, and meal-kit company Blue Apron for $103 million.

The company said the new funding will help advance robotics initiatives, including its Infinite Kitchen platform, which features what it describes as the only fully automated bowl-making system currently operating in a commercial restaurant environment. Wonder also recently announced a partnership with autonomous drone company Zipline to launch on-demand drone delivery in Texas beginning next year.

“It’s been exciting to watch the evolution of what Wonder is building—a fundamentally new way for people to access great food, at a level of quality and speed traditional players can’t match,” Tony Florence, co-CEO of New Enterprise Associates, said in a statement.

The latest financing also adds fuel to speculation that Wonder is preparing for an IPO. So does the appointment of former Chipotle CFO Jack Hartung to the board of directors. The executive brings four decades of finance and strategy experience, which Lore said “will be invaluable as Wonder becomes IPO-ready.”

In 2025, Bloomberg reported Wonder secured $600 million at a valuation exceeding $7 billion. The year before, the company raised $700 million, including $100 million invested by founder Marc Lore.