US online grocer Misfits Market has announced the purchase of fellow online retailer Imperfect Foods.
According to sources, both sustainability-focused companies will in a first stage operate separately, but the aim is to merge them into one brand.
Both online grocers started out retailing mishappen products to prevent them from going to waste, but currently also sell a 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”.
The financial details of the acquisition were not disclosed.
Source: Foodbev / Grocery Dive