General Mills Backs GrubMarket at More Than $2 Billion Valuation [Business News Network (BNN) (Canada)]
General Mills, Inc. (GIS)
Last general mills, inc. earnings: 3/18 07:00 am
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Source: Business News Network
it's valued at more than $2 billion after raising $120 million in equity from new backers including General Mills Inc.'s venture arm. Squarepoint Capital, Portfolia and Grosvenor Food & AgTech are among new investors, GrubMarket Chief Executive Officer Mike Xu said. Existing investors including Tiger Global, Liberty Street Funds, Walleye Capital, Celtic House Asia Partners and Apeira Capital also participated. Xu said GrubMarket is keen to acquire traditional, offline wholesalers and distributors. “We're a very profitable business and don't need financing for working capital purposes -- we'll use proceeds for mergers and acquisitions,” he said. “We want to digitally transform the American food supply chain industry.” San Francisco-based GrubMarket is operating at an annual run-rate of about $1.5 billion, Xu said, adding that the company is on track to achieve net profitability this year. It operates in all 50 U.S. states, and in Canada, South America, Africa, Europe and Asia.
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GIS
Earnings
- 3/20/24 - Beat
GIS
Sec Filings
- 4/23/24 - Form 8-K
- 4/22/24 - Form 424B5
- 4/18/24 - Form FWP
- GIS's page on the SEC website