Wonder, the meal-prep and delivery company that owns GrubHub and Blue Apron, is raising hundreds of millions at a $9B valuation in what could be its last round before an IPO, according to The Information. Investors in the round would get extra shares if Wonder’s IPO prices below 1.5 times this round, a ratchet disclosed in Delaware filings, while founder Marc Lore has indicated he’ll add $200M of his own. Lore has told staff an IPO could come as soon as next year, though Wonder is deep in the red after spending roughly $250M in cash and taking on $500M of Grubhub debt to buy Grubhub and Blue Apron. Wonder’s $9B target sits below the $11B it sought earlier this year, with investor materials projecting nearly $2.7B in cash burn through 2029 before it turns cash-positive in 2030.
