Grocery courier Boxed said it would go public through a merger with a special-purpose acquisition company, a deal that would value the combined company at nearly $900 million
Boxed and Seven Oaks Acquisition Corp. said the deal would value the combined company at nearly $900 million and provide money to serve more households and businesses that started ordering groceries online during the pandemic.
“It’s given everyone a taste of an easier and a more efficient way to shop,” said Chieh Huang, chief executive officer and co-founder of Boxed, who will continue to lead the company. Mr. Huang started Boxed in 2013 from his two-car garage in New Jersey, where he and three co-founders would buy and ship groceries themselves. Today Boxed delivers groceries and other bulky items such as toilet paper and office supplies from fulfillment centers to consumers and businesses across the country.
Many people have become used to shopping online for groceries over the past year. Mr. Huang said he expects shoppers to continue trying new products and a wider range of services via delivery.
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