GrubMarket, an AI technology and digital platform company in the US food supply chain field, has raised approximately $50 million in Series H financing, valuing the company at a pre-money valuation of $4.5 billion.

GrubMarket is a US-based food supply chain technology and eCommerce company operating across the US and Canada, serving both business customers and consumers.

The company operates across all 50 US states and has an international presence in countries including Argentina, Canada, Chile, Colombia, Egypt, India, Mexico, South Africa and Spain. GrubMarket conducts business in more than 70 countries worldwide and plans further expansion across the Americas, Europe and Africa.

The latest investment follows a series of acquisitions and product launches over the past year.

Mike Xu, CEO of GrubMarket, said: "GrubMarket has experienced an incredible acceleration in growth over the last 12 months and continues to stand out as the largest private food technology company in the United States. Since we have a self-sustaining business model, this funding round was not a necessity; rather, we saw it as an opportunity to align our company's valuation with the new level of scale and strength that we have achieved with our eCommerce business growth, our AI-powered tech innovations, and the significant ongoing value we generate for the industry."

"This Series H funding will turbocharge our AI software and business growth, and extend our eCommerce reach globally. We will increase our investment in people, financial infrastructure, technology, and acquisitions. Above all, we will continue to operate a self-sustaining business as the foundation of this company."