Wonder, the food-delivery startup based in New York has recently appointed Kelley Morrell, an executive from Blackstone, as its new Chief Financial Officer (CFO). This strategic move comes as Wonder prepares to raise capital and eventually make its debut in the public markets. With a series of notable hires over the past year, including key operating and marketing officers, Wonder is positioning itself for significant growth and success in the competitive food-delivery industry.
New CFO Appointment
Kelley Morrell will assume the role of Chief Financial Officer at Wonder, effective July 24th, replacing the current CFO, Dave Licata. Licata, who has held the position since Wonder’s inception in 2018, will step down at the end of next month. Morrell’s extensive experience in startup financing, particularly during her tenure as Senior Managing Director at Blackstone, makes her an invaluable addition to the company.
Her responsibilities at Blackstone included leading asset management within the private-equity business and spearheading private-equity strategies. Additionally, Morrell has played integral roles in various investment ventures across diverse industries, including companies like Bumble, Spanx, and Centric Brands.
Strategic Direction
Wonder has undergone significant changes in its operational strategy. Previously, the company operated a fleet of distinctive gray- and beet-colored Mercedes vans, delivering chef-developed menus. However, earlier this year, Wonder shifted its focus to fixed locations where dedicated staff members prepare meals for delivery. This change allowed the company to streamline operations and concentrate on enhancing the quality and efficiency of its service. The first kitchen opened in Manhattan’s Upper West Side in February, and a second location in Westfield, N.J., followed suit. With plans to establish up to ten locations by the end of this year in the New York and New Jersey areas, Wonder aims to expand its reach and solidify its position as a leading food-delivery service.
Future Plans and Capital Raise
Marc Lore, Wonder’s majority owner, and CEO, expressed confidence in the company’s future prospects, stating that Wonder intends to go public eventually. Kelley Morrell’s primary responsibility as CFO will be overseeing the next capital raise, which is projected to amount to $250 million and is expected to take place in the first half of the following year. This funding round will further boost Wonder’s growth trajectory and enable the company to execute its expansion plans successfully. In 2022, Wonder closed a funding round that raised $350 million, valuing the company at approximately $3.5 billion. Notable investors in Wonder include Bain Capital Ventures, GV, Accel, and New Enterprise Associates.
