To those investors who invested in our Instacart deal last year, you’ll be happy to know the company is in advanced talks to raise approximately $400 million in additional funding.
Instacart, the San-Francisco based, on-demand grocery delivery company previously valued at around $2 billion, is in talks of raising upwards of US $400 million in new venture capital funding, per multiple sources familiar with the situation. Two years since it’s last major funding round, word on the street is that existing shareholder Sequoia Capital will lead the new deal. (No comment from either Instacard or Sequoia Capital).
The new funding would value the company at $3 billion. The company is based in app- form, where shoppers can create their individual personalized grocery shopping list, where thereafter, Instacart deliverers will shop and deliver groceries directly to the customer’s home. The company charges for delivery and collects fees directly from its customers. It also collects a commission on goods sold through the app at its partner retailers, and revenue from consumer goods companies. Known as the ‘Uber’ of home delivery grocery services, the private company is gaining momentum and notice among the masses as its motto is “groceries delivered in an hour”.