Marc Lore’s Wonder Ties $9 Billion-Valuation Fundraise to Future IPO

Wonder, the owner of GrubHub and Blue Apron, is lining up hundreds of millions of dollars, at a valuation of $9 billion, in what could be its last round before going public. To seal the deal, founder Marc Lore has been offering investors sweeteners—and putting his own money in the pot.

The company has arranged to give investors in the financing extra shares if Wonder’s stock price in an initial public offering is less than 1.5 times the price of shares in this round, a provision known as an IPO ratchet, according to the company’s filings with Delaware regulators, which were provided by data firm Caplight. And Lore has indicated he’ll write a $200 million check into the round, according to a person briefed on the fundraise. Lore has told Wonder’s staff an IPO could happen as soon as next year.