As competition amongst grocery delivery companies remains fierce, Instacart is pulling ahead with its latest announcement that it has raised another $200 million in financing. In the latest round, existing investors like Valiant Peregrine Fund and D1 Capital Partners led the way to continuing to grow and expand the popular grocery partner.
“Today’s investment is a testament to the strong conviction our existing investors have in the strength of our teams and the important role Instacart plays for customers, partners, and the entire grocery ecosystem,” stated Apoorva Mehta, Founder and CEO. “I’m incredibly proud of our team’s work to scale our business this past year and rise to meet the unprecedented consumer demand and growth. Their tireless efforts have allowed us to expand our marketplace to more than 500 retailers, deliver from nearly 40,000 store locations across North America, and move grocery delivery into the mainstream as millions of people across North America now rely on Instacart.”
According to a press release, the investment comes as consumer demand for Instacart’s online grocery delivery and pickup services continues to grow. New retailers continue to fall into the fold, with more than 500 retailers utilizing its services. The additional $200 million will increases the company’s valuation to $17.7 billion.
“While we’re proud of these milestones, we believe we have a lot more work to do to deliver for all the communities we serve. Going forward, our teams remain relentlessly focused on building the absolute best online grocery shopping experience while partnering with iconic retailers to offer more selection and value to customers,” said Mehta.
How will this latest round of funding evolve Instacart and effect its competition? Deli Market News will keep you updated with all of the latest news.