Misfits Market has acquired the Imperfect Foods, the online grocery delivery platform focused on accessibility, affordability, and sustainability. The planned merger will bring both brands together to provide consumers with a better, more environmentally friendly supermarket experience. It will also put the merged company on track to surpass $1 billion in sales and achieve profitability by early 2024.
Imperfect Foods, a firm created to enhance the food system and decrease food waste, offers Misfits Market complementary distribution networks created with a focus on sustainability. Misfits Market will be in an excellent position to continue developing a supply chain that addresses inefficiency, reduces costs, and fundamentally enhances how consumers buy groceries online due to the acquisition. Abhi Ramesh, the founder and CEO of Misfits Market will head the combined company even though the brands will initially continue to operate independently. Executives from Imperfect Foods will also join the Misfits Market leadership team.
US food waste is reportedly between 30 and 40% of the total food supply. As climate change has a bigger impact on our food ecology, the gaps and inefficiencies in an outdated supermarket supply chain have become stress points, driving up costs and escalating waste levels that were already intolerable. A better model has already been established. Misfits Market and Imperfect Foods will work together to scale this new strategy and provide a better food system for farmers, suppliers, and consumers in every community across the nation.
Misfits Market's legal counsel is being provided by Wilson Sonsini Goodrich & Rosati. Imperfect Foods has unique access to financial counsel from Solomon Partners and legal counsel from DLA Piper. The deal is dependent on regulatory approvals and the usual closing requirements.
About Misfits Market
Misfits Market, a direct-to-consumer online grocer that prioritizes affordability, accessibility, and sustainability, adds value by making it simple to purchase, eat, and live healthier. The business has developed the first one in its kind; a food value supply chain centered on establishing connections with farmers, distributors, and producers to reduce food waste while increasing access to food. At rates up to 40% lower than typical grocery stores, Misfits Market currently delivers organic fruit, premium meats, seafood, plant-based proteins, dairy, bread, wine, and other groceries to almost every zip code in 48 states. Greater Philadelphia-based startup, founded in 2018, has more than $525 million in the capital.
About Imperfect Foods
Imperfect Foods, an online supermarket founded in 2015, is at the forefront of reducing food waste and establishing a better food system. Imperfect Foods directly collaborates with farmers and producers to develop, redistribute, and rescue products for a variety of grocery categories, including its private label products. Customers benefit from a completely customized service that is more cost-effective and ecologically friendly than the typical grocery shop trip.