GrubMarket announces its acquisition of Best Fresh Produce, Inc., a highly regarded and well-scaled provider of a wide array of fresh fruits and vegetables, with an established customer base in California, Midwest, East Coast, and other major metropolitan areas around the U.S. Best Fresh Produce is also a major supplier of dates nationwide. This is another significant milestone for the company after the acquisition of Hung San Foods and Boston Organics earlier this year.
In the beginning of October, GrubMarket completed a $60M series D financing and shared its plan to apply for public listing. The round is led by funds and accounts managed by BlackRock, Reimagined Ventures, and Trinity Capital Investment amongst others, and saw participation from previous investors: WI Harper Group, GGV Capital, Digital Garage and other unnamed participants.
Founded in 2014, GrubMarket is an e-commerce platform that offers foods from local farms, fisheries, commercial kitchens, certified home kitchens, and restaurants at wholesale prices.
Best Fresh Produce was founded in 2007 by Zakaria Trad and Abdul Basset Trad, and is based in Los Angeles, California. It partners directly with growers in the region to supply high-grade wholesome produce from seeds to table.
This is GrubMarket’s fifth acquisition in the Los Angeles area. The company plans to continue bolstering its strategic presence in the region. Best Fresh Produce will remain based in Los Angeles, and will continue to be managed by its current leadership team.
“We are thrilled to join the GrubMarket family and look forward the new growth opportunities that GrubMarket’s technology and network will generate. Delivering the finest quality food to our customers in direct partnership with growers brings us pride in what we do. We are delighted to learn that GrubMarket shares the same value of supporting farmers on their platform, and promoting the integrity and sustainability of healthy fresh food developed from seeds to table,” said Zakaria Trad, CEO of Best Fresh Produce.
“Best Fresh Produce is a highly respected wholesome produce provider in the Los Angeles area. They work directly with an outstanding variety of farmers in the region, and is committed to supplying healthy, fresh produce with the highest standard of quality and sustainability. We are delighted to welcome them to the GrubMarket family. Together, we will build a greater customer base and a stronger grower network in the food ecosystems of Los Angeles and nationwide,” said Mike Xu, CEO of GrubMarket.
Lastly, Best Fresh Produce will now be able to utilize GrubMarket’s innovative proprietary WholesaleWare software suite, the company’s Software-as-a-Service platform providing food industry suppliers and vendors with seamless financial management, easy-to-use online ordering and sales, precise inventory management, and engaging CRM tools.
| About GrubMarket
GrubMarket’s mission is to make fresh and healthy food accessible to everyone. We are committed to providing individuals, retailers, and restaurants with the best online food e-commerce experience possible, by regularly offering a spectacular array of farm-fresh foods at prices that are up to 50% OFF what you’d typically find from regular grocers or wholesalers.
| About WI Harper Group:
WI Harper is a pioneer and leading cross-border venture capital firm investing in early and expansion stage companies globally. With offices in San Francisco, Beijing, and Taipei, the firm actively oversees more than $1 billion in assets under management. Since inception nearly three decades ago, WI Harper has invested in over 400 startups and has successfully experienced more than 100 IPO and M&A exits.
We look for innovative companies and visionary founders in healthcare, technology and sustainability fields where there are high synergies and meaningful value added cross selling opportunities. While our healthcare team is presently honing on bioinformatics and digital biology, our technology team is focused blockchain, big data, analytics, artificial intelligence, AR/VR, IoT, robotics, drones, autonomous driving, as well as digital media and green energy projects.