• General
  • July 4, 2020
  • 3 minutes read

Brief: Instacart Nabs Extra $100 Million

Instacart CEO Apoorva Mehta. Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license Grocery delivery company Instacart is…

Instacart CEO Apoorva Mehta.

Photo credit: Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Grocery delivery company Instacart is only fresh off a $225 million fundraise but appears to have tapped even more funding. As first reported by Axios, Instacart has raised an additional $100 million from investment firm T. Rowe Price at a valuation of $13.8 billion. The new funding adds up the amount that Instacart, a San Francisco-based company, has raised since its inception to $2.2 billion.

Instacart was founded in 2012. Currently, the company says its grocery delivery service is accessible to 85% of U.S. households in all 50 states and 70% of Canadian households. Instacart has partnered with more than 350 grocery retailers in both countries, representing over 25,000 stores.

The coronavirus pandemic has largely driven people away from grocery stores and, in turn, boosted Instacart’s fortunes. It’s such that Instacart has had to nearly triple the number of its shoppers from the beginning of this year compared to now. The company is also reported to have turned its first-ever monthly profit in the month of April.




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