Wonder is in the process of raising an additional $600 million through an equity sale, according to a Wednesday filing with the Securities and Exchange Commission.
Wonder has sold over $345 million in equity, with another $245 million yet to be sold. The filing did not disclose investors.
The company has raised $2.5 billion since 2021, according to Crunchbase, and its latest funding brings that total to over $2.8 billion, or over $3 billion if it sells out the remaining equity available. Last year, it raised $600 million during a funding series that valued the company at $7 billion.
The Grubhub-owner has indicated that it plans to go public within the next few years. In March, it hired Gabrielle Rabinovitch as CFO as part of its plan to build an IPO-ready business. At the time, it indicated it could be ready to go public as early as 2027.
Wonder has been using the funding to rapidly grow its food hall business across the country. The company has more than 130 locations with another 24 listed as opening soon on its website. In June, it said it set its sights on a major nine-store expansion in Massachusetts and New Hampshire, where it already has 11 open locations. It also is rapidly expanding in Maryland, Virginia and Washington, D.C.
The food hall chain is also expanding its restaurant offerings after purchasing fast casual concept Blue Ribbon Fried Chicken earlier this year. It also added two of its own brands, Pop Salad and El Diez Mexican Bowls, to 16 locations in New Jersey, New York and Pennsylvania as of February.
The emerging company is leaning heavily on technology. It partnered with Zipline in Texas in June, and plans to begin offering drone delivery from select Wonder locations in January. GrubHub has been testing drone delivery in various locations, including a recent test in New Jersey. Wonder bought Sweetgreen’s Spyce automated makeline technology last year for $186 million.
