New York-based Misfits Market, an online grocery platform, has announced the acquisition of online grocer Imperfect Foods. The planned acquisition will unite both brands to deliver a better, more sustainable grocery experience and put the combined business on track to cross $1 billion in sales and reach profitability by early 2024.
Founded to build a better food system and fight food waste, Imperfect Foods brings sustainably designed delivery networks to the Misfits Market banner. As a result of the acquisition, Misfits Market will be positioned to continue building out a supply chain that tackles inefficiency, lowers prices and continues to improve how consumers shop for groceries online.
While the brands will continue separate operations in the short term, Misfits Market founder and CEO Abhi Ramesh will serve as CEO of the combined company, with executives from Imperfect Foods joining the Misfits Market leadership team.
“We have a tremendous opportunity to advance the shared mission of both brands, which is nothing less than a fundamental re-imagining of both the grocery category and the broken U.S. food system,” Ramesh said. “The strengths of the Imperfect Foods organization, from its in-house delivery fleet and robust private label program to its sustainability commitments and innovation, add immediate scale and depth to what we’re building at Misfits Market.”
In the U.S., food waste is estimated at between 30-40 percent of the food supply. With climate change increasingly impacting the food ecosystem, the gaps and inefficiencies in an outdated grocery supply chain have become fault lines, driving up prices and increasing levels of waste.
For more information, visit misfitsmarket.com.
For more Northeast news from The Shelby Report, click here.