GrubMarket announced it has raised around $50 million in Series H financing, positioning the round as a significant up round that values the company at a $4.5 billion pre-money valuation. The company described itself as an AI-powered technology enabler for the American food supply chain and one of the largest private food technology and e-commerce businesses globally.
The financing was backed by Future Food Fund, Portfolia Funds, Liberty Street Funds, RD Heritage Group, Flume Ventures, MY Securities, and other unnamed participants. GrubMarket said it intends to use the proceeds to expand its AI software portfolio, invest further in infrastructure and hiring, and pursue additional acquisitions while maintaining what it characterized as a self-sustaining operating model.
The company framed the raise as coming after a stretch of acquisitions and product releases aimed at deepening its position in food supply chain software and B2B commerce. GrubMarket highlighted its June 2025 acquisition of Coast Citrus as its largest deal to date, along with an April 2025 acquisition of Delta Fresh Produce. It also pointed to its acquisition of Procurant, a SaaS eCommerce and trading platform for the fresh produce industry that it said facilitates $5.5 billion in GMV annually for more than 850 customers across 14 countries.
On the product side, GrubMarket said it launched an Inventory Management AI Agent in July 2025 to automate inventory workflows, followed by a Reporting AI Agent in September 2025 designed to automate scheduled business analysis. The company positioned these tools as part of a broader push into enterprise AI for food distributors, wholesalers, and other supply chain participants.
GrubMarket also emphasized external recognition and its geographic footprint as part of its growth narrative. The company said it was named to CNBC’s Disruptor 50 list in 2023, 2024, and 2025, and cited awards it received in 2025 tied to inventory management and sustainability. It said it operates in all 50 U.S. states and has an international presence spanning Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa, and Spain, with business activity in more than 70 countries.
Alongside growth and technology, GrubMarket devoted a portion of its announcement to its Sustainable California initiative, which it said has been running since 2023 to support organic farming practices, reforestation, and broader agricultural resilience. The company highlighted 2025 efforts that included partnering with One Tree Planted to plant more than 100,000 trees in the Sierra Nevada region, providing California farmers with free access to its AI-powered software for the year, and partnering with CCOF to sponsor 10 socially disadvantaged farmers through an organic transition and certification program.
KEY QUOTES
“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. 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. This Series H funding will turbocharge our AI software and business growth, and extend our eCommerce reach globally. We will increase our investment in people, financial infrastructure, technology, and acquisitions. Above all, we will continue to operate a self-sustaining business as the foundation of this company.”
Mike Xu, CEO, GrubMarket
“Portfolia is proud to be a long-time investor in Mike Xu and the GrubMarket team, through multiple 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,”
Trish Costello, CEO & Founder, Portfolia Funds
“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. We are excited to support the company’s expansion and help accelerate its next phase of global growth,”
Hiro Hasegawa, Venture Partner, Future Food Fund
