Wonder, the food startup launched by serial entrepreneur Marc Lore, has confidentially submitted paperwork for an initial public offering, the company announced on Thursday.
Founded in 2018, Wonder promotes itself as offering "the best restaurants from across the country, all in one place," with orders available for delivery and takeout through its vertically integrated app.
The business was first imagined as a fresh approach to food delivery, using sprinter vans equipped with mobile kitchens. It has since expanded to about 170 brick-and-mortar sites across the United States, where customers can order dishes from more than two dozen restaurant brands spanning a range of cuisines, some carrying the names of celebrity chefs.
The company is also preparing to broaden its model. Beginning Nov. 17, a new program called Wonder Create will let influencers, entrepreneurs and brands pay $10 a month to launch their own restaurant businesses out of Wonder locations and collect a share of the revenue their orders generate.
Wonder has built its footprint through aggressive dealmaking, spending at least $1 billion on acquisitions that include the delivery service Grubhub, meal kit company Blue Apron, delivery and logistics provider Relay, and a number of high-profile restaurant concepts. That buying spree has been financed by more than $3 billion in venture capital.
A Series D funding round completed earlier this year lifted the company's pre-money valuation to $9 billion.
Lore told CNBC in September that proceeds from a public offering would allow Wonder to pursue additional acquisitions and advance its mission of making food more accessible.
Life as a public company could prove challenging, however. Restaurant stocks have come under pressure from weak consumer sentiment, and broader market volatility has made the IPO environment uncertain for companies in many industries.
Lore is no stranger to big exits. He previously founded Diapers.com, which he sold to Amazon, and Jet.com, which he sold to Walmart.
