Munchery cooks up an $85M round at a $300M valuation (confirmed)

The on-demand food delivery service Munchery has raised a new $85 million round, which would value the company at about $300 million.

So says a report in the Wall Street Journal late Friday, citing a person familiar with the deal. Munchery has now confirmed the new funding round.

The funding round was led by Menlo Ventures and Sherpa Ventures, with additional participation from NorthGate Capital, 137 Ventures, Mousse Partners, e.ventures, and Greycroft Partners.

San Francisco-based Munchery joins Blue Apron and Sprig in a set of food delivery startups that have received large funding rounds in recent weeks.

Munchery collected an A round of $4 million in 2012 from Menlo Ventures and SherpaVentures, after taking a $210,000 seed round from private investors earlier in the year.

The new round brings the company’s funding total to $117.2 million.

Currently, Munchery is available only in San Francisco, New York, Seattle, and Los Angeles. The company says it will use the new capital to bring its service to more regions, expand service in existing cities, and diversify menu options.

Munchery is unique among food delivery services in that customers must throw the food in the microwave for a couple of minutes before serving. Most meals cost between $10 and $15 per meal.

Customers use a mobile app (iOS and Android) to view a list of available entrees for a given meal, then make a selection. The menu includes three to seven entrees, some dessert options, a couple of kids meals, and some drink options (including beer and wine). Munchery then shows up at the customer’s door in 20 or 30 minutes.

Munchery launched in 2010 after founders Tri Tran and Conrad Chu were “desperate” for a family dinner solution.