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for the Consumer Goods Industry

General Mills increases stake in food-delivery startup GrubMarket to $200 million

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ConsumerGeniuses

GrubMarket, an e-commerce platform connecting farmers and other food suppliers with customers, raised $120 million in equity. New investors include 301 Inc., the venture arm of General Mills, as well as existing investors Squarepoint Capital, Portfolia, and Grosvenor Food & AgTech. GrubMarket is operating at an annual run-rate of about $1.5 billion, CEO Mike Xu said. It supplies almost all the major U.S. grocery chains, including Costco Wholesale Corp., Walmart and Kroger.

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