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Investments

4

About Madison Bay Capital Partners

Madison Bay Capital Partners focuses on providing customized equity solutions to companies across the United States.

Madison Bay Capital Partners Headquarter Location

757 Third Avenue 20th Floor

New York, New York, 10017,

United States

212-634-6485

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Latest Madison Bay Capital Partners News

GrubMarket Raises $90M to Make Its Food Delivery Service Available Nationwide

Feb 9, 2021

Virtual food marketplace GrubMarket announced today it has raised $90 million in an oversubscribed Series D round, up from $60 million when the round was first announced in October 2020. Participants include “funds and accounts” managed by BlackRock, ACE & Company, Celtic House Venture Partners, Sixty Degree Capital, The Strand Partners, Reimagined Ventures, Trinity Capital Investment, Madison Bay Capital Partners, Marubeni Ventures, GGV and others. GrubMarket connects consumers with farmers via an extensive online marketplace where customers can shop for grocery items and some household goods. GrubMarket also has a B2B component through which it sells wholesale goods to grocery retailers, restaurants, corporate offices, and other business settings. The company counts Whole Foods, Kroger, Hello Fresh, Blue Apron, and many other companies among its customers. Meanwhile, its WholesaleWare platform , which is a software platform food companies can use to manage their businesses. That includes anything from inventory and financial management to HR tasks and driver routing. Mike Xu, GrubMarket’s CEO, said in a statement that the Series D round was originally intended to be no more than $30 million, and that the company has made “efforts to keep this round $100 million.” He said the new capital will allow the company to invest more in talent, technology, and acquisitions in the future. The company also plans to “expand to most regions of the country” over the next 12 months. In October of 2020, Xu said his company plans to go public, but did not give an exact timeframe for an IPO. Online grocery as a category is expected to account for 21.5 percent of all grocery sales by 2025 , and companies currently offer all manner of takes on the concept. Right now that includes big-box retailers like Walmart , those like Rosie that are focused on independent grocers, and those like Imperfect Foods , which cater to specific niches of the buying public. GrubMarket’s “farm-to-pantry” approach certainly serves a demand, since buying direct from farms has increased among consumers. But Grubmarket’s focus more and more appears to be on reinventing the supply chain and doing away with some of the inefficiencies there, hence the WholesaleWare platform and the growing B2B customer base. Expect that portion of the business to grow substantially from the new infusion of capital. Get The Spoon in Your Inbox Leave this field empty if you're human: Related

Madison Bay Capital Partners Investments

4 Investments

Madison Bay Capital Partners has made 4 investments. Their latest investment was in GrubMarket as part of their Series D - II on February 2, 2021.

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Madison Bay Capital Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/9/2021

Series D - II

GrubMarket

$30M

Yes

2

9/12/2017

Series G

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$99M

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10

11/3/2016

Series C

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$99M

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10

2/18/2016

Series F

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$99M

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10

Date

2/9/2021

9/12/2017

11/3/2016

2/18/2016

Round

Series D - II

Series G

Series C

Series F

Company

GrubMarket

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Amount

$30M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

2

10

10

10

Madison Bay Capital Partners Team

1 Team Member

Madison Bay Capital Partners has 1 team member, including current Founder, Managing Partner, Steve Reale.

Name

Work History

Title

Status

Steve Reale

Levensohn Venture Partners, BroadLogic, The Presidio Group, and Mixed Dimensions

Founder, Managing Partner

Current

Name

Steve Reale

Work History

Levensohn Venture Partners, BroadLogic, The Presidio Group, and Mixed Dimensions

Title

Founder, Managing Partner

Status

Current

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