NEWS
NEWS
NEWS
Report: Instacart raising more than $100 million on $2 billion valuation
Grocery delivery startup Instacart is reported to be in the process of raising more than $100 million in a Series C round of funding on a valuation of $2 billion.
The valuation is a big increase from its $400 million valuation when it closed a $44 million Series B round in June 2014.
San Francisco based Instacart was founded in July 2012 by former Amazon supply chain engineer Apoorva Mehta and aims to be the Uber of grocery deliveries.
The service utilizes a fleet of “personal shoppers” who complete grocery orders that customers place via phone app or the Instacart website. The purchased goods are then delivered to customers, often within one hour, allowing customers to “save hours every week [by] not standing in line and driving to the supermarket.”
Similar to drivers in the various incarnations of Uber, the personal shoppers of Instacart remain on call and receive orders via a connected application.
The service is currently available in Atlanta, Austin, Boston, Chicago, Denver, Los Angeles, New York City, Philadelphia, San Francisco Bay Area, Seattle, and Washington, D.C. areas.
Supported grocery outlets include Whole Foods Market, Kroger, The Food Emporium, Super Fresh, Safeway, Costco and more
Instacart has previously raised $54.8 million from investors including Sam Altman, Aaron Levie, Canaan Partners, Khosla Ventures, Sequoia Capital and Andreessen Horowitz.
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