Instacart CEO Apoorva Mehta. Photo by Steve Jennings/Getty Images for TechCrunch, under Creative Commons license

Despite having closed $325 million in funding just in July of this year, grocery delivery company Instacart is apparently not satisfied, having just announced that it’s raised an extra $200 million that pushes its valuation to $17.7 billion. The new funding, a Series H, came from existing investors D1 Capital Partners and Valiant Peregrine Fund. It brings the total amount of outside funds raised by Instacart to about $2.4 billion and ups its valuation from a previous $13.8 billion. 

Instacart’s latest fundraise comes on the heels of a major business boost for the company as the coronavirus pandemic largely drove people away from in-person grocery and supplies shopping and towards on-demand shopping services like Instacart. It’s such that Instacart is reported to have turned its first-ever monthly profit in this year, compared to a loss of $300 million in the whole of last year.

Since its founding in 2012, Instacart has expanded its grocery delivery service to currently over 5,500 cities across the US and Canada. The San Francisco-based company has secured partnerships with over 500 retailers representing nearly 40,000 retail stores across the US where it delivers from. Instacart is currently available to a wide region that spans 85% of US households and 70% of Canadian households.

Instacart says it’ll use its new funding to cater to business expansion and product development. “..We believe we have a lot more work to do to deliver for all the communities we serve. Going forward, our teams remain relentlessly focused on building the absolute best online grocery shopping experience while partnering with iconic retailers to offer more selection and value to customers,” Apoorva Mehta, Instacart’s CEO, said in a press statement. 

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