Nestle invested $100 million in food-delivery firm Wonder Group. Both companies seek to market high-tech cooking equipment and meals to hotels, hospitals, and sports venues.
Wonder Group, a food-delivery startup, received funding from Nestle to provide high-tech kitchen equipment and prepared products to hotels, hospitals, and sports arenas.
Nestle invested $100 million and formed a strategic relationship, according to individuals who requested anonymity due to the deal's financial conditions.
Nestle and Wonder confirmed the deal but did not disclose terms. Wonder may reach its goal of delivering high-quality home meals easier, faster, and cheaper for busy families with the cash.
In 2018, serial entrepreneur and former Walmart e-commerce boss Marc Lore created the firm, which concluded a $350 million investment round in June and was valued at over $3.5 billion.
Wonder acquired meal-kit company Blue Apron for $103 million. It also makes culinary equipment that speeds up restaurant-quality cooking.
Before Wonder, Lore launched and sold Jet.com to Walmart for $3.3 billion in 2016. While Walmart closed Jet, Lore led the company's online expansion and efforts to compete with Amazon.
Nestle, a food and beverage company, creates ingredients, snacks, and frozen meals for grocery stores and distributes to colleges and cruise lines.