Good Eggs, the pioneering online marketplace that delivers thoughtfully sourced, peak-quality groceries, innovative service, and good jobs, announced $100 million in new funding today. The most recent round was led by Glade Brook Capital Partners with additional investment from GV, Tao Invest, Finistere Ventures, and Rich’s, and support from existing investors Benchmark Partners, Index Ventures, S2G, DNS Capital, and Obvious Ventures.
Additionally, Good Eggs has appointed Vineet Mehra as the company’s Chief Growth and Customer Experience Officer. Mehra joins Good Eggs from Fortune 20, Dow-Listed Walgreens Boots Alliance, the world’s largest and first global pharmacy-led health, retail, and well-being enterprise, where he held the dual positions of Global Chief Marketing Officer and Chief Customer Officer across the enterprise. Previously Mehra served as Executive Vice President and Global Chief Marketing & Revenue Officer for Ancestry, where he was tasked with modernizing its brand marketing efforts and launching the consumer genetics category into the cultural mainstream.
At Good Eggs, Mehra will be tasked with driving Goods Eggs’ ambitious growth plans as the brand looks to further solidify its already strong presence beyond the Bay Area. He will build out a world-class growth team to expand Good Eggs’ brand and customer acquisition efforts, further accelerate innovation and ensure a best-in-class customer experience across the entirety of Good Eggs’ product and services.
According to Goldman Sachs, the US online grocery delivery market is on track to reach $150B in sales by 2026. California’s metro markets are expected to account for 10-15% of that national mix. Good Eggs will use the funds to continue its practice of thoughtful growth and launch into Southern California, tripling its addressable market and creating a potential 500-1000 good jobs. Additionally, the funds will be used to improve the customer experience for both existing and new customers.
“Glade Brook Capital Partners is pleased to lead Good Eggs’ latest equity financing. The grocery market is undergoing fundamental change and the shift to e-commerce and higher quality products and services is accelerating. Good Eggs is experiencing rapid growth with strong unit economics and is well-positioned to become a category-defining leader. We are excited to partner with their team to help drive future growth and expansion,” said J.P. Van Arsdale, a partner at Glade Brook who is joining the Good Eggs board of directors.
Good Eggs is the only company to provide its customers with a full range of products - meal kits, a complete grocery assortment, prepared foods, alcohol, and flowers- as well as delivering mindfully sourced, absurdly fresh produce to them, often within 48 hours of being harvested. Currently, 70% of Good Eggs’ offerings are locally sourced.
Over the past year, Good Eggs has moved its warehouse from San Francisco to Oakland, grown revenue to 9 figures, tripled unit economics, hired 400+ new employees, significantly expanded its relationships with producers, and almost doubled its customer base. During this essential time, Good Eggs met the growing needs of Bay Area customers and improved the resilience of our local economy by materially increasing its orders from producers who had lost business from restaurant shutdowns.
“2020 was a transformational year for Good Eggs,” said Bentley Hall, CEO of Good Eggs. “We have spent more than a decade building an enduring foundation while also keeping our community of customers and producers gratified. The support from our investors in this round, and the addition of exceptional executive talent like Vineet Mehra, validates the enormous potential of this opportunity and our increasing momentum. We are excited to establish our roots in Southern California, further expand our assortment and launch a number of improvements to our service soon.”
Recognized by Fortune as one of the world’s 50 most influential CMOs and one of Ad Week’s Top 20 Tech CMOs, Mehra brings a world-class executive skill set with him to his new role at Good Eggs.
“I am very excited to be heading back to the Bay Area with my family to join Bentley and his world-class executive team at Good Eggs to further accelerate the growth and expansion of Good Eggs to serve more customers than ever. Good Eggs’ purpose and belief that ‘good food is the most powerful force for change’ resonates deeply with me as a person, and I am humbled to join the team at a moment when families and households need us more than ever,” says Vineet Mehra.