Instacart, a San Francisco, CA-based online grocery delivery company, raised $200m as part of a new financing.
The round, which increases the company’s valuation to $17.7 billion, was led by existing investors Valiant Peregrine Fund and D1 Capital Partners.
Led by Apoorva Mehta, Founder and CEO, Instacart allows shoppers to offer same-day delivery and pickup services to bring groceries and everyday essentials to people and families across the U.S. and Canada. Instacart has partnered with more than 500 national, regional and local retailers to deliver from nearly 40,000 stores across more than 5,500 cities in North America.
The company expects to deploy the new capital in a number of ways, including:
- product development focused on introducing new features and tools to enhance the customer experience,
- continued investment in Instacart Enterprise to support retailers’ end-to-end ecommerce needs, and
- further investment in Instacart Ads to help connect Consumer Packaged Goods (CPG) brands of all sizes to customers shopping online from their favorite local retailers.