Instacart, a US-based grocery delivery service backed by corporates American Express, Amazon and Comcast, has raised a $150m series E extension to bring the round to $350m, Axios reported yesterday.
Investors in the extension, which boosted Instacart’s valuation to almost $4.4bn post-money, have not been named. The $200m first close in February 2017 was led by Coatue Management and also featured Glade Brook Capital Partners and undisclosed existing shareholders.
Founded in 2012, Instacart operates an online-based service that enables users to order groceries from a range of local stores that are delivered on the same day. The company’s more than 200 partners include Costco, Whole Foods and Sam’s Club.
Instacart has now raised more than $1bn in funding. American Express Ventures, the corporate venturing unit of payment services firm American Express, backed a $44m series B round in 2014 alongside Sequoia Capital, Canaan Partners, Khosla Ventures and Andreessen Horowitz and assorted angel investors.
Comcast Ventures, the corporate venture capital division of mass media group Comcast, participated in a $220m series C round in 2015 led by Kleiner Perkins Caufield and Byers (KPCB), with commitments from Sequoia, Khosla, Andreessen Horowitz, Dragoneer Investment Group, Thrive Capital and Valiant Capital.
Grocery chain Whole Foods supplied $36m in 2016, followed by a $400m series D round in March 2017 featuring Sequoia, Khosla, KPCB, Thrive Capital, Valiant Capital, Andreessen Horowitz, Wellcome Trust, Y Combinator Continuity, FundersClub and Initialized Capital.