Why serial entrepreneur Marc Lore is pouring $100 million of his own money into a food delivery business

Yahoo Finance03-27

Marc Lore is hoping a new cash infusion will add some wonder to his vision for food delivery. The longtime entrepreneur is fresh from raising $700 million to fund growth initiatives at his food ...

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About $100 million is coming from himself, Lore told Yahoo Finance Live on Tuesday. The company has now raised $1.5 billion, with investors ranging from Amex Ventures to Nestle to Bain Capital Ventures.Wonder will use the cash to expand from 11 locations to 35 by year-end. Lore is targeting 90 spots by the end of 2025.The mission statement for Wonder is to democratize gourmet food. Lore is doing that by licensing the menus of popular chefs such as Bobby Flay and Michael Symon, making their iconic dishes inside Wonder's kitchens, and delivering them to diners' doorsteps.\"We have proven the business model,\" he contends.Lore said a chunk of the money will go into various R&D initiatives, such as developing automated kitchens. \"We're continuing to look into what the next-gene","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0130103400.USD":"Natixis Harris Associates Global Equity RA USD","BK4579":"人工智能","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4588":"碎股","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","BK4550":"红杉资本持仓","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","DASH":"DoorDash, Inc.","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","BK4551":"寇图资本持仓","LU0289941410.SGD":"AB FCP I Dynamic Diversified AX SGD","BK4561":"索罗斯持仓","BK4505":"高瓴资本持仓","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","WMT":"沃尔玛","BK4581":"高盛持仓","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0312595415.SGD":"Schroder ISF Global Climate Change Equity A Acc SGD","LU0079474960.USD":"联博美国增长基金A","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0056508442.USD":"贝莱德世界科技基金A2","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","BK4527":"明星科技股","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","BK4592":"伊斯兰概念","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","BK4507":"流媒体概念","BK4585":"ETF&股票定投概念","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","AMZN":"亚马逊","LU1430594728.SGD":"Eastspring Investments - Global Low Volatility Equity AS SGD","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4566":"资本集团","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","BK4524":"宅经济概念","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","BK4559":"巴菲特持仓"},"translate_title":"为什么连续创业者Marc Lore将自己的1亿美元投入到食品配送业务中","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":1,"WMT":0.9,"DASH":0.9},"content_text":"Marc Lore is hoping a new cash infusion will add some wonder to his vision for food delivery. \nThe longtime entrepreneur is fresh from raising $700 million to fund growth initiatives at his food delivery startup Wonder. About $100 million is coming from himself, Lore told Yahoo Finance Live on Tuesday. The company has now raised $1.5 billion, with investors ranging from Amex Ventures to Nestle to Bain Capital Ventures.\nWonder will use the cash to expand from 11 locations to 35 by year-end. Lore is targeting 90 spots by the end of 2025.\nThe mission statement for Wonder is to democratize gourmet food. Lore is doing that by licensing the menus of popular chefs such as Bobby Flay and Michael Symon, making their iconic dishes inside Wonder's kitchens, and delivering them to diners' doorsteps.\n\"We have proven the business model,\" he contends.\nLore said a chunk of the money will go into various R&D initiatives, such as developing automated kitchens. \"We're continuing to look into what the next-generation kitchen looks like,\" he added. \nTo aid in the business's growth, Lore purchased meal delivery outfit Blue Apron for $103 million in late 2023.\nAfter founding Wonder in 2018, Lore took back the CEO reins in late 2022 and shifted the startup from delivering gourmet meals in food trucks to opening up physical locations. Lore thinks he could eventually have thousands of these marketplace-like kitchens across the country.\n\n\n\n  Marc Lore, now CEO of Wonder, smiles at the Wall Street Journal Digital Conference in Laguna Beach, Calif., Oct. 17, 2017. \n \n\n  REUTERS / Reuters\n \n\nTo say Lore, 52, is a serial entrepreneur with a long resume of successes is an understatement.\nHe founded Quidsi in 2005, a business made famous by its domain name, Diapers.com. Amazon (AMZN) bought Quidsi in 2010 for about $545 million. Lore worked at Amazon until 2013. \nHe then founded delivery startup Jet.com in 2014, which Walmart acquired two years later for $3.3 billion in cash. Lore then joined the retail giant to lead its US e-commerce operation, overseeing a complete rebirth of its digital business, including introducing same-day delivery services and expanding Walmart Marketplace. \nWalmart shut down Jet.com in March 2020, and Lore left his post as Walmart's US e-commerce chief in early 2021.\nSince leaving Walmart, he's launched Wonder and has been looking to start a utopian society dubbed Telosa. He is also now part owner of the NBA's Minnesota Timberwolves along with former MLB star Alex Rodriguez.\nWhen asked if he ever gets worried Wonder won't work out, Lore sounds like a typical entrepreneur with a lot of wins on the scoreboard.\n\"I don't waste any time thinking about what went wrong in the past, and don't spend any time worrying about the future. It's always in the now,\" said Lore. \nBrian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter/X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.\nClick here for all of the latest retail stock news and events to better inform your investing strategy","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422675216"}