- General
- June 11, 2020
- 3 minutes read
Instacart Nabs New Funding
Instacart CEO Apoorva Mehta. Photo credit: Stuart Isett/Fortune Brainstorm Tech, under Creative Commons license Grocery delivery company Instacart has announced…
Instacart CEO Apoorva Mehta.
Photo credit: Stuart Isett/Fortune Brainstorm Tech, under Creative Commons license
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Grocery delivery company Instacart has announced it’s raised $225 million in new funding led by venture capital firms DST Global and General Catalyst, with participation from existing investor D1 Capital Partners. The funding round values Instacart at $13.7 billion, compared to a $7.8 billion valuation the company got when it last raised funding in 2018. The valuation jump isn’t actually startling, given that the coronavirus pandemic has largely driven up demand for on-demand grocery delivery services. In the middle of the pandemic, Instacart has had to nearly triple the number of its shoppers from 180,000 as of the beginning of this year to more than 500,000 currently.
With the new funding, Instacart now happens to have raised about $2.1 billion in total funding since its founding. Instacart was founded in 2012 and has apparently come a very long way from its beginnings. Currently, Instacart works with more than 400 national, regional, and local retailers in the U.S. and Canada. The coronavirus pandemic which largely drove up demand for its services caused the company to further accelerate partnerships. “This pandemic has fundamentally reshaped the way people think about grocery and ecommerce, and we’re proud to have Instacart continue to play an important role in people’s lives now and long after this crisis subsides,” Instacart CEO Apoorva Mehta said in a press statement.
Instacart says the new funding will be deployed to scale up its operations.