Misfits Market, the "ugly" fruit and vegetable e-commerce company, announced that it has raised $85 million in a Series B financing round led by Valor Equity Partners, bringing the fast-growing startup's total raised to $101.5 million.
The company's message is taking off as more customers shift to online grocery shopping, and consumers look for more eco-friendly — and wallet-friendly — options. "In a nutshell, we rescue food that would otherwise go to waste in the food system," said founder and CEO Abhi Ramesh in an interview with Cheddar. "We deliver those items to consumers' doorsteps at a substantial discount from retail prices, generally 30-50 percent cheaper than the grocery store."
The company started off in 2018 by delivering subscription boxes of "ugly" produce — think misshapen vegetables and slightly bruised fruits. Since then, they've expanded their product offerings and look to continue that expansion with this new influx of capital. The company now "rescues" food items like coffee, chocolate, herbs, lentils, spices, sauces, and grains. These items might not be ugly in the traditional sense, but if they cannot be sold through traditional channels, Misfits buys them at a discount.
For example, Ramesh talked about an olive oil company that they had worked with. The manufacturer had printed the labels on the olive oil bottles backward. Misfits Markets customers were able to score these bottles at a discounted price, but not a discounted taste.
Misfits said it has seen a huge spike in its customer base amid the coronavirus pandemic. In the first quarter of 2020, the number of subscribers almost tripled. The company scaled its warehouses and pack centers to meet the demand and hired an additional 400 people in their New Jersey headquarters.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
