Prominent grocery delivery company Instacart is reportedly well underway in talks to raise roughly $400 million in new venture capital.
According to tech and business news source Axios, the company had previously raised $260 million in 2015, when the company was valued at $2 billion. In its latest fundraising bid, the company is expected to be valued at $3 billion—a 50 percent increase in just two years. Existing shareholder Sequoia Capital is expected to lead the new deal.
As recently as 2016, Instacart CEO Aproorva Mehta told Bloomberg that the company had no plans to raise venture capital in the future.
This news comes on the heels of a recent fray in which Instacart attempted to eliminate its tipping system and replace tips with a standardized “service fee” to be collected by the company. After employees complained, tipping was reinstated.
For more developments as they happen, check back in with us at Deli Market News.
