Instacart is now a $4.4 billion company
Instacart has added more money to a previous round of venture financing from February, bringing the total to $350 million.
The company has closed its Series E financing round led by Coatue Management, bringing Instacart's valuation to $4.35 billion.
The financing comes on the heels of a period of accelerating growth for Instacart, expanding across North America and partnering with the eight largest grocers in North America including Kroger, Albertsons, Publix, Costco, Ahold-Delhaize, HEB, Loblaw, and Sam's Club.
With the closing of this opportunistic round of funding, Instacart has raised over $1B since its founding in 2012, with the vast majority of this capital still in the bank.
"Technology has changed the way we travel, communicate, and shop. But for most, visiting the grocery store is still a part of the weekly routine," said Kris Fredrickson, Partner at Coatue. "Instacart's incredible service is quickly bringing the grocery shopping experience online. After having been impressed with the team's execution over the last several years, we are excited to partner for the next phase of the Instacart journey."
Instacart says it will leverage this capital to achieve its mission to change the way people grocery shop. This includes doubling the size of the Instacart team, continuing to rapidly expand its footprint across North America, and investing in new products and services that improve the value proposition for its customers, shoppers, and retail partners.
"The online grocery market hit a tipping point last year, as more and more consumers demanded grocery delivery. We are excited to accelerate our plans to bring online grocery everywhere and to keep transforming the way people shop," said Ravi Gupta, COO/CFO of Instacart. "We are also excited to welcome Coatue to our team and are grateful for the participation of our other new and existing investors."
Since 2012, Instacart has quickly scaled to over 220 markets and partnered with retailers across North America, including popular national chains (Albertsons, Kroger, Costco, Loblaw) as well as local, regional grocers (Publix, Wegmans, Schnucks, H-E-B).