202008 Oct
Delivery app Instacart raises $200 million at $17.7 billion valuation
Funding Rounds
202008 Oct

OAKLAND, Calif. (Reuters) - Delivery startup Instacart on Thursday said it raised $200 million in its latest round, valuing the company at $17.7 billion as it cashes in on a surge in online shopping due to the COVID-19 pandemic. This latest round is led by existing investors Valiant Peregrine Fund and D1 Capital. The grocery delivery company, which has been branching out to deliver non-grocery goods as well, has signed up big names like Walmart Inc, beauty product retailer Sephora and convenience store 7-Eleven in the United States since its last round of financing. Instacart’s order volumes have surged as much as 500% year on year during the pandemic in North America as consumers, hesitant to travel to supermarkets amid the health crisis, take to their phones to get groceries, alcohol and prescriptions drugs delivered to their doorsteps. To help meet the demand Instacart said it has boosted the number of workers that shop for customers to more than 500,000 from 200,000 at the start of the pandemic.

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