ny-based mostly Boxed, the startup for purchasing food and family items in bulk, is in talks to be received by way of Kroger for approximately $ 500 million. different sellers are also expected to be making bids.
The news was first stated with the aid of Forbes and established to TechCrunch through a source with skills of the situation. We’re listening to that the company is aiming to make a call this weekend.
based in 2013, Boxed is quite simply an internet Costco competitor. With simply a number of faucets, clients can order huge containers ranging from cereal to laundry detergent. The objects are priced at a discount.
In an period the place Jet can promote to Walmart for $ three billion, it’s unsurprising that Boxed would generate buyer pastime. The race is on to keep up with Amazon and dealers are hoping to snap up emerging structures.
however it hasn’t been low priced to construct Boxed’s company. The company has already raised at the least $ 132 million from regular buyers like Bessemer task companions, GGV Capital, Greycroft companions and First circular Capital. Eniac Ventures became its first investor. Boxed’s newest sequence C round was in January 2016.
Co-founder and CEO Chieh Huang up to now worked at Zynga and before that, practiced law.
Fundings & Exits – TechCrunch