GrubMarket Raises $50 Million for eCommerce and AI Transformation

SAN FRANCISCO, Calif. — GrubMarket announced that it has raised around $50 million in Series H financing from Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, MY Securities, and other unnamed participants.

This significantly up round values GrubMarket at a pre-money valuation of $4.5 billion.

Investment Follows Major Milestones

In June 2025, GrubMarket made its largest acquisition in history, acquiring Coast Citrus, a provider of tropical produce in the U.S. In July 2025, GrubMarket launched the Inventory Management AI Agent for the food supply chain industry. In September 2025, GrubMarket released the Reporting AI Agent, which automates AI-powered business analysis on custom schedules. In April 2025, the company acquired Delta Fresh Produce, a produce distributor in Arizona.

Furthermore, GrubMarket acquired Procurant, a Software-as-a-Service eCommerce and trading platform for the fresh produce industry, which facilitates $5.5 billion in Gross Merchandise Volume (GMV) annually for over 850 customers across 14 countries.

"GrubMarket has experienced an incredible acceleration in growth over the last 12 months and continues to stand out as the largest private food technology company in the United States,” said Mike Xu, CEO of GrubMarket. “Since we have a self-sustaining business model, this funding round was not a necessity; rather, we saw it as an opportunity to align our company's valuation with the new level of scale and strength that we have achieved with our eCommerce business growth, our AI-powered tech innovations, and the significant ongoing value we generate for the industry.”

Xu said this Series H funding will turbocharge GrubMarket’s AI software and business growth and extend its eCommerce reach globally.

“We will increase our investment in people, financial infrastructure, technology and acquisitions,” he said. “Above all, we will continue to operate a self-sustaining business as the foundation of this company."

Investors Speak on GrubMarket’s Growth

"Portfolia is proud to be a long-time investor in Mike Xu and the GrubMarket team, through multiple funds,” said Trish Costello, CEO and founder of Portfolia Funds. “Mike is a brilliant, strategic and persistent executive.  The team's continued execution success validates our conviction in Mike's leadership and in GrubMarket's ability to redefine how food moves to our tables. We are thrilled to continue backing their vision to modernize food supply chains."

Hiro Hasegawa, venture partner of Future Food Fund, shared his excitement in supporting GrubMarket.

"As the venture arm of a company that operates a major online platform for fresh produce in Japan, we understand how hard it is to build a long-lasting business at scale, and we are impressed by GrubMarket's strong execution and profitable growth trajectory,” he said. “We are excited to support the company's expansion and help accelerate its next phase of global growth."