Boxed in talks to be acquired by Kroger for $500 million

New York-based Boxed, a startup for shopping food and domicile equipment in bulk, is in talks to be acquired by Kroger for about $500 million. Other retailers are also approaching to be creation bids.

The news was initial reported by Forbes and reliable to TechCrunch by a source with believe of a situation. We’re conference that a association is aiming to make a preference this weekend.

Founded in 2013, Boxed is effectively an online Costco competitor. With only a few taps, business can sequence vast boxes trimming from cereal to washing detergent. The equipment are labelled during a discount.

In an epoch where Jet can sell to Walmart for $3 billion, it’s unsurprising that Boxed would beget customer interest. The competition is on to keep adult with Amazon and retailers are anticipating to snap adult rising platforms.

But it hasn’t been inexpensive to build Boxed’s business. The association has already lifted during slightest $132 million from obvious investors like Bessemer Venture Partners, GGV Capital, Greycroft Partners and First Round Capital. Eniac Ventures was the initial investor. Boxed’s latest Series C turn was in Jan 2016.

Co-founder and CEO Chieh Huang formerly worked during Zynga and before that, used law.

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Posted by on Jan 13 2018. Filed under NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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