Instacart, the US-based grocery delivery platform backed by mass media group Comcast, payment services firm American Express and e-commerce firm Amazon, has increased its series F round to $871m, Reuters reported yesterday.
Investors including Tiger Global Management, Coatue Management and Valiant Capital added $271m to the $600m the company had secured last month in a tranche led by D1 Capital Partners that valued it at $7bn pre-money, according to a source familiar with the matter.
Founded in 2012, Instacart runs an online platform that allows users to order goods from a variety of local grocers, supermarkets and shops that are then delivered to them on the same day, potentially in as little as an hour. Users can also access coupons and special offers through the service.
The latest investment took Instacart’s overall funding to more than $1.9bn, $350m of which came through a series E round backed by Coatue Management and Glade Brook Capital Partners that closed in April 2018 at a $4.4bn post-money valuation
Valiant Capital, Thrive Capital, Initialized Capital, Khosla Ventures, Kleiner Perkins Caufield & Byers (KPCB), Wellcome Trust, Y Combinator Continuity and FundersClub had previously provided $400m in a March 2017 round that valued Instacart at $3.4bn.
The company had received $36m from grocery chain Whole Foods, now part of Amazon, in 2016. KPCB led its $220m series C round the year before, investing with Comcast subsidiary Comcast Ventures, Khosla Ventures, Andreessen Horowitz, Dragoneer, Sequoia Capital, Thrive Capital and Valiant Capital at a $2bn valuation.
American Express Ventures, the strategic investment arm of American Express, had joined Sequoia Capital, Canaan Partners, Khosla Ventures, Andreessen Horowitz and various private investors to supply $44m in a 2014 series B round that valued the company at $400m.
