California online grocery delivery service Good Eggs has received $100 million in new funding and appointed former Walgreens Boots Alliance executive Vineet Mehra as Chief Growth and Customer Experience Officer.
The online marketplace has made a name for itself in the San Francisco Bay Area for its delivery of fresh local produce within 48 hours of harvest. In addition to produce, Good Eggs also offers a complete grocery assortment, meal kits, prepared foods, alcohol and flowers. The company reports that currently, 70% of its offerings are locally sourced.
Good Eggs’ most recent funding round was led by Glade Brook Capital Partners, with additional investment from GV, Tao Invest, Finistere Ventures and Rich’s, as well as support from existing investors Benchmark Partners, Index Ventures, S2G, DNS Capital and Obvious Ventures.
“The grocery market is undergoing fundamental change and the shift to ecommerce and higher quality products and services is accelerating,” said J.P. Van Arsdale, Partner at Glade Brook, who will also join the Good Eggs board of directors, in a statement. “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.”
In the past year the company reported that its customer base has doubled. The new funding will be used to launch into Southern California, with the intention of tripling its addressable market, as well as add jobs and improve the customer experience. Mehra, who previously held the dual roles of Global Chief Marketing Officer and Chief Customer Officer at Walgreens Boots Alliance, will be tasked with driving these growth plans.
“2020 was a transformational year for Good Eggs,” said Bentley Hall, CEO of Good Eggs in a statement. “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.”