Marc Lore, the serial entrepreneur behind Diapers.com and Jet.com, has become a billionaire by taking risks and diversifying his investments. His latest venture, Wonder, aims to disrupt the takeout and delivery market with a unique food hall concept. Wonder, which Lore founded in 2018, initially focused on purchasing recipes and branding from trendy restaurants and celebrity chefs. However, after raising $350 million at a $3.5 billion valuation, Lore shifted the company’s strategy to focus on storefronts where customers can order takeout or delivery.
The new model allows stores to operate with minimal kitchen equipment, relying on rapid-cook ovens to finish cooking food. This approach has enabled Wonder to expand its coverage area quickly, with plans to add one new storefront a week for a total of around 100 locations by the end of the year. Despite incurring significant losses in early 2023, Lore has pumped $300 million of his own money into the venture and raised an additional $1.5 billion.
Wonder’s financial performance is impressive, with $470 million in revenue pulled in 2024, up from $50 million in 2023. The company also acquired meal kit company Blue Apron and delivery app Grubhub as part of its expansion strategy. While Lore’s ambitions are lofty, with predictions of a $2 billion in sales this year and a $40 billion IPO in 2028, some experts remain skeptical about the company’s business model.
Lore’s track record is a testament to his fearless approach to entrepreneurship. Having sold Diapers.com for $500 million and Jet.com for $3.3 billion, Lore has consistently demonstrated his ability to adapt and innovate. With Wonder, he aims to build a big public company that explores new markets and disrupts traditional industries.
Source: https://www.forbes.com/sites/phoebeliu/2025/02/08/how-serial-entrepreneur-marc-lore-billionaire-wonder-timberwolves