Misfits Market will locate its West Coast headquarters in Utah, creating up to 105 new, high-paying jobs in the next five years.
The announcement was made Thursday about the direct-to-consumer grocery delivery service set-up in the Beehive State by the Utah Governor’s Office of Economic Development (GOED).
Executive Director Val Hale said in a prepared statement:
Misfits Market has a unique business model that is helping solve our global food waste problems. With this growth, Utah residents will have access to over 400 types of food items at a 30% to 40% discount. We look forward to watching this company grow and are glad they decided to establish operations in our state.
The company is known for its commitment to breaking the cycle of food waste. It rescues sustainable produce and surplus pantry staples that otherwise would have gone to waste and offers them to subscribers, The subscribers get access to deals on the grocery items and organic fruits and vegetables, delivered to their door for up to 40% less than traditional grocery store prices.
According to a news release, Misfits Market may earn up to 15% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $429,601. Each year that Misfits Market meets the criteria in its contract with the state, it will earn a portion of the total tax credit, the release stated.
State of Utah Tax Credit by the Numbers
- Tax revenue: $2,854,009
- Wages: $27,957,143
- Jobs: 105
- Capital investment: $25 million
- Timeline: 5 years
Misfits Market is the fastest-growing grocery service in the U.S. By partnering with sustainable growers and producers and developing an efficient fulfillment system, Misfits Market has the ability to reach consumers in every zip code within all states that it serves.