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A grocery store operator in suburban Chicago has gone public with its IPO and raised more than $10 million in a $30 million Series A round.
The company, Misfit Market, has raised $30.6 million from private investors, including investors from Alibaba Group, Microsoft Ventures, Softbank and other big names.
It was founded in 2014, but only has $10.5 million in cash on hand at the moment.
It aims to be a wholesale marketplace for farmers markets and other marketplaces in the Midwest, but also has plans to expand into other markets in the US and Canada.
The company said it will open its first market in Chicago in early 2018.
“Misfit has a huge amount of potential to be an incredibly disruptive new marketplace for small and medium-sized business,” the company’s co-founder and CEO, Adam Buehl, said in a statement.
“It’s going to be really exciting for farmers and food lovers around the country, but more importantly, it’s going a long way towards bridging the digital divide.”
Misfits co-founders Adam Buhler and Adam Bucell are seen at the launch of Misfis market in New York City, on January 18, 2018.
The two men founded the company with Buell in 2013.
Buhler, who is also an investment banker at the investment firm Cantor Fitzgerald, and Bucel started out in online grocery stores, where they were selling produce and fresh produce to local grocery stores and local grocery retailers.
The co-founded grocery stores have now expanded to include the more traditional retail stores.
After years of struggling with growing competition from other online grocery chains, Misanfts founder and CEO Buehlers team saw an opportunity to compete with the likes of Amazon and Walmart.
According to the company, its marketplaces are a great way for small farmers to get their produce and grocery shopping done, and help farmers and the farmers marketers connect with one another.
Misfitt is looking to build on the success of its other online grocer, Kix, with its own stores in the future.
The Kix stores have seen success, too, with Kix’s first stores opening in mid-2017.
More to come.