US online grocer Misfits Market has announced the purchase of fellow e-commerce firm Imperfect Foods.
According to sources, the companies are intended to be operated separately at first, before being merged into a single brand.
Both online grocers started out retailing mishappen products in order to prevent food waste, but currently also sell a broader range of fresh products such as meat, seafood and other groceries.
Abhi Ramesh, CEO and founder of Misfits Market, said: “We have a tremendous opportunity to advance the shared mission of both brands, which is nothing less than a fundamental re-imagining of both the grocery category and the broken US food system. The strengths of the Imperfect Foods organisation, from its in-house delivery fleet and robust private label programme to its sustainability commitments and innovation, add immediate scale and depth to what we’re building at Misfits Market”.
Financial details of the acquisition were not disclosed.
Source: FoodBev / Grocery Dive