WEBVTT - Wonder's One-Stop Shop For Cooked Meals

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic. On Bloomberg Radio. Earlier this month,

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<v Speaker 1>we noted that the food trucks startup Wonder, although I'm

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<v Speaker 1>not sure that that's quite the exact perfect description, but

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<v Speaker 1>we'll get into that in just a moment. It is

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<v Speaker 1>led by a Jeck dot com founder, Mark Laurie. It

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<v Speaker 1>has raised three fifty million, bringing its total fundraising hall

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<v Speaker 1>to just under a billion. In a market where checks

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<v Speaker 1>are getting harder to come by, It's been, we know,

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<v Speaker 1>a very volatile market. Latest funding raise giving Wonder a

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<v Speaker 1>three and a half billion dollar valuation according to people

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<v Speaker 1>familiar with the matter. So we wanted to get an

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<v Speaker 1>idea of a little bit more about what this company

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<v Speaker 1>is all about, what they're going to do with all

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<v Speaker 1>that money. Tim. We've got the CEO of Wonder, Scott Hilton,

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<v Speaker 1>joining us on Zoom from Parsippany, New Jersey, also the

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<v Speaker 1>former Chief Revenue officer of the US of US e

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<v Speaker 1>Commerce at Walmart. Scott, great to have you with us,

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<v Speaker 1>How are you good? Thanks for having me, Well, it's

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<v Speaker 1>great to have you here. Okay, So Carol lives in

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<v Speaker 1>New Jersey. I don't know if she lives in a

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<v Speaker 1>part of New Jersey where Wonder operates, but it's based

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<v Speaker 1>in New Jersey right now. And she described it as

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<v Speaker 1>a food truck. Um, and at its core, that's that's

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<v Speaker 1>what it is. But it's also so much more So

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<v Speaker 1>how would you describe Wonder? Yeah, it's so food truck,

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<v Speaker 1>that's kind of the first thought that people have that

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<v Speaker 1>it really is something completely different. So what what we

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<v Speaker 1>are is it's on demand dining, so customers can order

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<v Speaker 1>be an app. They have access to a range of

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<v Speaker 1>restaurants from everyday food you know, pizza burgers all the

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<v Speaker 1>way up to find dining like Bobby Flay Steak Uh.

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<v Speaker 1>As soon as they order, a mobile restaurant will show

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<v Speaker 1>up at their location and cook that food hot uh

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<v Speaker 1>and fresh right there at their location and serve it

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<v Speaker 1>through their door. So within minutes after ordering, they enjoy

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<v Speaker 1>really a restaurant quality meal wherever they are at their

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<v Speaker 1>home or at a park or at work. I'm so

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<v Speaker 1>in after getting delivery, after delivery that's cold and not

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<v Speaker 1>at all. Even if it's from a great restaurant, it

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<v Speaker 1>just doesn't doesn't fly. Um, So tell us about the

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<v Speaker 1>growth that you're seeing. Give us an idea of the metrics,

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<v Speaker 1>who are your customers, where you're seeing the growth, and

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<v Speaker 1>what you want to do with all this money. Yeah,

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<v Speaker 1>so we uh we served twenty two towns now in

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<v Speaker 1>New Jersey. It's about a hundred households. Uh, and it

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<v Speaker 1>ranges in old demographics from something that looks more Middle

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<v Speaker 1>America all the way up to a little bit wealthier towns.

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<v Speaker 1>All those towns are growing. Customers have been really going

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<v Speaker 1>crazy for this um are. We have really high scores

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<v Speaker 1>and it's it is a truly a great experience. UM.

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<v Speaker 1>It was one of the reasons that the company was

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<v Speaker 1>founded is is looking at the delivery platforms, Uber, Eat, Store, Dash, etcetera.

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<v Speaker 1>They were growing like crazy before the pandemic. UM, but

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<v Speaker 1>the but the customer experience was really lacking. UM. There

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<v Speaker 1>was the quality, uh, the food problem cold or you know, uh,

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<v Speaker 1>you know, kind of moist food as a steams on

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<v Speaker 1>the way to the customer, as well as just having

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<v Speaker 1>access to those great restaurants. So that's really at the

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<v Speaker 1>core of what we're what we're trying to solve, and

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<v Speaker 1>it's working in all segments and so we're continuing to

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<v Speaker 1>expand more as to the money that we've raised is

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<v Speaker 1>going into the mobile restaurants themselves, the fleet um as

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<v Speaker 1>well as just covering normal operating expenses. But the bulk

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<v Speaker 1>of the bulk of the money is for expanding and

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<v Speaker 1>going and using it for the mobile restaurants. One thing

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<v Speaker 1>that caught my eye though, in reading about this a

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<v Speaker 1>few weeks ago in the Wall Street Journal, is that

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<v Speaker 1>Mark Laurie said to the Walls Journal that the company

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<v Speaker 1>have aims to have a national footprint by twenty five.

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<v Speaker 1>That's many, many many years away. And I mean you've

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<v Speaker 1>worked at several different companies in that time period and

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<v Speaker 1>the number of years that it would it would happen.

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<v Speaker 1>Think Marcus probably started and sold two different companies for

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<v Speaker 1>hundreds of millions of dollars and several billion dollars in

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<v Speaker 1>that you know, thirteen years that it would take to

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<v Speaker 1>get to five. Why such a long period of time, Well, Uh,

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<v Speaker 1>we're starting here in the northeast, um in the Tri

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<v Speaker 1>state area, and will the time being be focused there

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<v Speaker 1>as we grow out, but very quickly. The way of

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<v Speaker 1>how we structured this model is we've been building up

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<v Speaker 1>the infrastructure. It actually has taken its years to get

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<v Speaker 1>the methods figured out how to do this. We prep

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<v Speaker 1>and park, cook our food and fairly large scale central

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<v Speaker 1>kitchens that food is sent out in our cold chain

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<v Speaker 1>to this fleet. Um, we can do that in parallel,

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<v Speaker 1>you know, in many cities. So as we continue to grow,

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<v Speaker 1>we'll be opening up different areas simultaneously across the country.

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<v Speaker 1>But it just takes time to kind of get that

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<v Speaker 1>infrasture infrastructure going before we uh, you know, start to

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<v Speaker 1>scale beyond the northeast. What the trickiest part of it

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<v Speaker 1>is it? People? Is it is? You talked about this

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<v Speaker 1>infrastructure that you know takes a while to set up. Um,

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<v Speaker 1>what is the trickiest part? There's no single thing that

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<v Speaker 1>stands out. You know if you ask me that same

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<v Speaker 1>question maybe two years ago, Uh, it was could we

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<v Speaker 1>actually create this incredible food in this process? And that

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<v Speaker 1>the answer is, hands down, yes, we can do it.

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<v Speaker 1>And so after that it's really just more kind of

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<v Speaker 1>vanilla flavored execution. It's not to say that there's not

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<v Speaker 1>a lot of hard parts, but uh, we have a

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<v Speaker 1>fleet production capability. We build these mobile restaurants, upfit them

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<v Speaker 1>ourselves as well as outside parties do it for us, uh,

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<v Speaker 1>scaling the food production, hiring the labor. So far, we

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<v Speaker 1>haven't bumped into anything that really stands out. It's just

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<v Speaker 1>a bunch of little things. What about prices. It sounds

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<v Speaker 1>like something great to do for a party, But how

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<v Speaker 1>much does it cost to bring a Bobby flay steak

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<v Speaker 1>to your house? Yeah, so Bobby Flays that are that's

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<v Speaker 1>our most expensive restaurant. That's definitely a fine nine experience,

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<v Speaker 1>and we see people doing it as a special occasion.

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<v Speaker 1>For example, Bobby flay Stake went crazy on Valentine's Day.

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<v Speaker 1>But we serve all the way down to sort of

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<v Speaker 1>like you said at the beginning, Burgher's Pizza one of

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<v Speaker 1>our restaurants. A couple of our restaurants we serve family style.

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<v Speaker 1>It's even more affordable. We have to currently and we're

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<v Speaker 1>gonna be offering more. But for one of his his Takorea,

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<v Speaker 1>it's effectively a taco bar. You can it feeds a

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<v Speaker 1>family of four to five. You pick your proteins, you know,

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<v Speaker 1>like cardinas or chicken, your side of rice, side of beans, corn.

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<v Speaker 1>You can add on guacamole. But that goes for fifty

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<v Speaker 1>dollars so it's a very affordable that fifty per meal

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<v Speaker 1>or fifty for the whole truck, fifty for the fifty

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<v Speaker 1>for it's a family style. So yeah, wow, that's pretty amazing.

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<v Speaker 1>We're gonna talk a bit more about it, um because

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<v Speaker 1>I'm your more, you know, curious because I know the

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<v Speaker 1>food industry. Sometimes the margins are so slim, so I'm

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<v Speaker 1>curious about how that's playing out. We're gonna come back

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<v Speaker 1>with Scott Hilton. He's chief executive officer of Wonder, former

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<v Speaker 1>chief revenue officer of the U S e commerce business

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<v Speaker 1>at Walmart. He's with us from her Sippany. Our conversation

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<v Speaker 1>will continue, Tim Centivi, Carol Masser, this is Bomberg Business Week.

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<v Speaker 1>It's official. I'm on the wait list and Wonder is

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<v Speaker 1>gonna let me know when they are near my home.

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<v Speaker 1>So I'm kind of looking forward to Scott. When it's

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<v Speaker 1>gonna be He'll tell you now, all right, Scott Hilton,

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<v Speaker 1>chief executive officer at Wonder, former chief revenue officer of

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<v Speaker 1>US e commerce at Walmart. When will you come to

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<v Speaker 1>Jersey City. I can't give a specific date, but it

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<v Speaker 1>will be probably in the next couple of years, right,

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<v Speaker 1>now we're headed north to Bergen County right now in

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<v Speaker 1>the west field, every serving towns around there, and then

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<v Speaker 1>we're headed north. All right, Well that's where I grew

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<v Speaker 1>up in Bergen County. I get it. Like I was

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<v Speaker 1>thinking about how this works. And it's probably easier right

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<v Speaker 1>for your trucks to pull up somewhere where they can

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<v Speaker 1>easily park. You've also got a neighborhood that's um to

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<v Speaker 1>be fair, uh, a wealthier neighborhood where they can do this.

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<v Speaker 1>I mean, I'm curious about the metrics and how you

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<v Speaker 1>kind of price this all out, you know, how do

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<v Speaker 1>you cover costs and where do you kind of you know,

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<v Speaker 1>weird weird does profits come from? Ultimately? Is it? Is

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<v Speaker 1>it just building it up on volume? How do you

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<v Speaker 1>how does this play out? Now? Actually, in this business,

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<v Speaker 1>the margins and food are really really good, very different

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<v Speaker 1>than than say retail. When you're looking at it, say

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<v Speaker 1>a typical restaurant, you know, they're they're looking at a

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<v Speaker 1>food cost that's maybe in some cases, So you're starting

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<v Speaker 1>off with really good margins. And we were verticalized. We

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<v Speaker 1>own this whole thing. We're developing, uh, the processes for

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<v Speaker 1>the food we prep at our own facility. So we've

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<v Speaker 1>got a nice, healthy, juicy variable profit um and that's

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<v Speaker 1>how we get it to work. It's very different than

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<v Speaker 1>if you're logistics player, uh like a door Dash or

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<v Speaker 1>uber each where you're really just trying to take a cut,

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<v Speaker 1>or even in retail um, you know you're you're not

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<v Speaker 1>getting as healthy and margin as you see in the

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<v Speaker 1>food industry. And by the way, you see that in

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<v Speaker 1>the multiples that restaurant change. The big restaurant change to

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<v Speaker 1>get their typically three x multiple on their top line

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<v Speaker 1>versus retailers are typicate one x. Companies like Amazon obviously

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<v Speaker 1>get a little bit of an extra kicker there because

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<v Speaker 1>they're the platform play, you know, high growth UM. But

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<v Speaker 1>restaurant chains have really, really healthy margins. I'm just gonna

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<v Speaker 1>tell you we have a restaurant row in downtown Jersey

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<v Speaker 1>City and it's all about restaurants and there's lots of

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<v Speaker 1>space and it would be a perfect fit tonight, Carol.

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<v Speaker 1>I'm not trying to sell you or anything. Hey Scott, Scott,

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<v Speaker 1>it's interesting. I wonder what the competitive mode is. What

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<v Speaker 1>if somebody's listening in California right now and says, hey,

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<v Speaker 1>this is a great idea. We know that Wonder is

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<v Speaker 1>not going to be here, you know, for five ten years,

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<v Speaker 1>I'm going to start doing this. Why won't they Why

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<v Speaker 1>won't they succeed like you? Yeah, well, we may be

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<v Speaker 1>in California before before ten years, but um, the reality

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<v Speaker 1>is we've been at this for years and have spent

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<v Speaker 1>an enormous amount of energy. Um, it's definitely not for

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<v Speaker 1>the faint hearted, and we have to deconstruct every single

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<v Speaker 1>dish and get them to work in this process. And

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<v Speaker 1>it's getting them to work means having amazing, amazing food quality,

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<v Speaker 1>but also being able to serve it at speed that

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<v Speaker 1>supports the profitability because we definitely want to move through

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<v Speaker 1>move food through the mobile restaurant in a fast pace

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<v Speaker 1>we can get onto the next customer. What did you

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<v Speaker 1>learn from your e commerce experience, whether it's Walmart or

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<v Speaker 1>elsewhere that applies to what you're doing now or what

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<v Speaker 1>you're doing do you kind of throw out the old

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<v Speaker 1>rules completely? Well, look, every situation you're really have to

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<v Speaker 1>tailor uh to what's going on and what the businesses.

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<v Speaker 1>There's some general rules of thumb that always applies. Making

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<v Speaker 1>sure that you first of all, have a good strategy, uh,

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<v Speaker 1>you know, in terms of being able to execute on

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<v Speaker 1>it and having economics workout. But after that, it's really

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<v Speaker 1>getting the right team assembled. We've got some of the

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<v Speaker 1>best uh team members that have stayed with us from

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<v Speaker 1>company to company that we've been on this journey. UM,

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<v Speaker 1>as well as making sure you've got the right structure,

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<v Speaker 1>structures of the team's work well together. Every every team

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<v Speaker 1>member needs to be in the right position. And that's

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<v Speaker 1>the only way you can really scale and and grow

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<v Speaker 1>it quickly. You have to get that foundation right first. Okay,

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<v Speaker 1>So speaking of scaling growing quickly, we got to ask

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<v Speaker 1>Mark Laurie sold jet dot com years ago to Walmart

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<v Speaker 1>for three point three billion dollars. Before that, Quizzy that

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<v Speaker 1>diapers dot Com to Amazon for five million dollars. Before that,

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<v Speaker 1>you had a company sold to Tops for a few

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<v Speaker 1>million bucks before the year two thousand. What's the future

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<v Speaker 1>for wonder? Look the this this really has unlimited potential.

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<v Speaker 1>We're not planning to sell this thing. It's got a

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<v Speaker 1>lot of runway, a lot of upside, which is why

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<v Speaker 1>we're able to raise that most recent round. UM. There's

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<v Speaker 1>a there's a lot of a lot of runway left,

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<v Speaker 1>so we're gonna build it up alright, thirty seconds. What

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<v Speaker 1>keeps you up at night? I sleep pretty well. Come on,

0:11:25.960 --> 0:11:28.319
<v Speaker 1>all right, if you had to, if you have to

0:11:28.320 --> 0:11:30.400
<v Speaker 1>pick one thing, and we've only got about twenty seconds left,

0:11:30.440 --> 0:11:32.440
<v Speaker 1>what would it be that you talk about? You know,

0:11:32.520 --> 0:11:35.719
<v Speaker 1>you talk about workers. They're not cheap nowadays. Just quickly, No,

0:11:35.800 --> 0:11:37.600
<v Speaker 1>they're not. They're not, And that's fortunate why we have

0:11:37.679 --> 0:11:40.640
<v Speaker 1>the margins we pay. We pay really well. And it's

0:11:40.640 --> 0:11:43.320
<v Speaker 1>a fun job that people that operate our mobile restaurants

0:11:43.360 --> 0:11:45.640
<v Speaker 1>get to be, you know, run their own restaurant and

0:11:45.679 --> 0:11:48.920
<v Speaker 1>serve customers. It's kind of fun. We as leaders of

0:11:48.920 --> 0:11:51.199
<v Speaker 1>the company, we do a lot of ride alongs with

0:11:51.280 --> 0:11:53.199
<v Speaker 1>them during the evening to see what's going on. It's

0:11:53.240 --> 0:11:55.360
<v Speaker 1>it's kind of a fun role. We should do a

0:11:55.400 --> 0:11:57.240
<v Speaker 1>rod along. Care on one time, we'll do a ride

0:11:57.240 --> 0:12:00.079
<v Speaker 1>along with that food food included. Yeah, I was just

0:12:00.120 --> 0:12:03.240
<v Speaker 1>going to say, the doggy bags must be pretty pretty impressive. Um,

0:12:03.240 --> 0:12:04.920
<v Speaker 1>come back to us, Scott, let us know how things

0:12:04.960 --> 0:12:06.839
<v Speaker 1>are going, and especially I'm going to wait for that

0:12:06.880 --> 0:12:09.000
<v Speaker 1>email about when you guys are in Jersey City. Scott Hilton,

0:12:09.080 --> 0:12:12.319
<v Speaker 1>CEO at Wonder joining us via zoom from Parsippan, and

0:12:12.320 --> 0:12:13.840
<v Speaker 1>then you're gonna invite me over for dinner that night.

0:12:13.920 --> 0:12:16.720
<v Speaker 1>That's going to be the finally master pizza night. Okay,

0:12:16.760 --> 0:12:17.439
<v Speaker 1>a road trip