Restaurant service

Marc Lore’s ‘Wonder’ mobile food service valued at $3.5 billion

Wonder, a New York-based mobile catering company created by Minnesota Timberwolves co-owner and prominent e-commerce entrepreneur Marc Lore, raised approximately $350 million in funding at a $3.5 billion valuation.

The company, according to its website, operates a network of truck-based restaurants from which consumers can order food through a mobile app. Food is prepared and cooked near a customer’s location so that the person receiving the food receives it “served as soon as it is ready”.

It basically combines the food truck method with food delivery.

“Your fries are crispy, your steak is juicy, and your pizza is hot: just the way they should be,” reads Wonder’s website.

The new home dining method was introduced by Lore in January and now serves 22 cities with 19 mobile restaurant chains. It’s only available in the Garden State, but the plan is to continue expanding to New York, New Jersey and Connecticut, with Lore saying there will be 30 mobile restaurant chains within a year.

Some of the restaurants featured on the app include Bobby Flay Steak, Di Fara Pizza, Taqueria del Dia, Bar Nakazawa, SriPraPhai, Fred’s Meat & Bread and more.

“Today we are thrilled to announce the next big step in our journey – a $350 million Series B led by Bain Capital Ventures,” Lore wrote in an update this week, noting that many new investors bought into the business model.

The Wall Street Journal reports that Wonder is valued at $3.5 billion.

In addition to the trucks, the company hopes to offer ready-to-heat meals and meal prep kits with its food delivery options in the future.

Lore served as general manager at Walmart a year ago before taking the same role at Wonder. According to her LinkedIn, Lore previously co-founded Jet.com, an online retailer that was bought by Walmart in 2016 for $3.3 billion. He also founded another e-commerce company called Quidsi Inc., which was acquired by Amazon in 2010.

Last month, Lore was tapped to lead Minnesota’s latest bid for a World’s Fair, which is slated to take place in 2027. Lore, along with Alex Rodriguez, became a member of the Timberwolves and Lynx ownership team in 2021. They should have majority ownership of teams by 2023.