- Grocery delivery company Instacart announced it has raised $265 million in funding at a valuation of $39 billion. These are the details.
Grocery delivery company Instacart announced it has raised $265 million in funding at a valuation of $39 billion. This more than doubled the valuation of Instacart for the second time in a year. Existing investors Andreessen Horowitz and Sequoia Capital participated in this round of funding.
And workers who were laid off due to the pandemic have also been turning to gig economy work such as the jobs offered by Instacart. Currently, Instacart has about 500,000 shoppers working on contract.
“This past year ushered in a new normal, changing the way people shop for groceries and goods,” said Instacart’s chief financial officer Nick Giovanni in a statement via The New York Times.
Instacart delivers products from 600 retailers across 45,000 stores in the US and Canada. And the company plans to use the funding to hire more employees and expand business lines.
