Restaurant technology company Wonder Group closed on its latest acquisition. The Marc Lore-led startup bought Sweetgreen’s (SG) Spyce robotics unit behind Infinite Kitchen. The deal consisted of $100 million in cash proceeds to Sweetgreen (SG) and shares of Series C Preferred Stock of Wonder with an implied value of $86.4 million based on the price per share at which shares were issued by Wonder to cash investors in its most recent preferred equity financing.
For Sweetgreen (SG), the restaurant company said the sale of Spyce marks a strategic milestone because the transaction enables it to reinvest in key priorities and focus on growth and operational efficiency. Looking ahead, Sweetgreen (SG) expects to continue using the Infinite Kitchen technology in many of its restaurants through a long-term supply and services agreement, giving the company flexibility while ensuring the platform remains central to the guest experience. Sweetgreen acquired Spyce in 2021 for approximately $70 million when including post-acquisition true-up and milestone amounts. Since then, Sweetgreen (SG) has successfully developed and scaled the Infinite Kitchen, which now operates in more than 20 Sweetgreen locations nationwide.
Wonder is a vertically integrated food and restaurant technology company founded by Marc Lore, who is best known for founding Jet.com and Diapers.com and then leading Walmart’s (WMT) U.S. e-commerce business after the retail giant bought Jet.com.
After starting out as a mobile restaurant concept, Wonder is now known as a chain of multi-brand “fast fine” food halls and a delivery app, with an aim to become an AI-driven super app for all mealtime occasions. The company owns all the restaurant brands on its platform and controls kitchen tech, operations, and its own app and delivery network. In 2023, Wonder Group agreed to acquire meal-kit company Blue Apron for about $103 million. In 2024, Wonder agreed to acquire Grubhub for approximately 650 million dollars, bringing a major U.S. delivery marketplace under its umbrella to expand reach and logistics capabilities. Wonder has also acquired Tastemade, a food- and lifestyle-focused digital media and video network that produces cooking and travel content for social and streaming platforms.
Venture capital backers of Wonder Group include Google Ventures (GOOG), Accel, Bain Capital, and Nestle (NSRGY).