Misfits Market Raises $85M to Expand Its Mission Against Food Waste
Misfits Market, the innovative e-commerce platform specializing in “ugly” and surplus produce, has successfully closed an $85 million Series B funding round. The investment was led by Valor Equity Partners, with participation from Greenoaks Capital, Third Kind Venture Capital, and Sound Ventures.
From Ugly Produce to Expanded Offerings
Originally launched as a subscription service for imperfect fruits and vegetables, Misfits Market has evolved into a comprehensive online marketplace. The company now offers:
- Chocolate, snacks, and chips
- Coffee, herbs, and spices
- Grains, lentils, and sauces
These additional products, available for à la carte selection every Thursday, are priced 20-25% below standard retail rates.
Solving Supply Chain Inefficiencies
Misfits Market identifies and capitalizes on structural weaknesses in the food supply chain, including:
- Cosmetic imperfections in produce
- Packaging errors (like upside-down labels)
- Strict sell-by date requirements for retailers
By delivering directly to consumers, the company bypasses traditional retail bottlenecks, ensuring faster product turnover and reduced waste.
Expansion and Growth
With this new funding, Misfits Market is:
- Opening a New Jersey warehouse to double East Coast capacity
- Expanding delivery to Arkansas, Mississippi, and Louisiana
- Preparing to launch in Wisconsin, Minnesota, Iowa, and Michigan
The Growing Food Waste Crisis
Despite technological advancements, food waste continues to rise. CEO Abhi Ramesh notes:
“When you look at food waste over the past five years… it’s increased. The data shows it’s growing in magnitude, which means there will always be opportunities for us to eliminate waste.”
A Boston Consulting Group study projects food waste will reach 2.1 billion tons ($1.5 trillion) within the next decade.
Company Growth and Diversity
Since March 2020, Misfits Market has:
- Hired 400 new employees (compared to 150 in previous quarter)
- Maintained a 750-person workforce with near gender parity (51% male, 49% female)
- Achieved 30% female and 20% racially diverse executive leadership
To date, the company has raised $101.5 million in total funding, solidifying its position as a leader in sustainable food distribution.
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