Delivery app Instacart raises $200 million at $17.7 billion valuation
By Jane Lanhee Lee
OAKLAND, Calif. (Reuters) - Delivery startup Instacart announced Thursday that it had raised $ 200 million in its most recent round and valued the company at $ 17.7 billion because of the COVID 19 pandemic benefited from an increase in online shopping.
Instacart raised $ 225 million in June, and the company was valued at $ 13.8 billion that round. This final round will be led by existing investors Valiant Peregrine Fund and D1 Capital.
The grocery company, which also specializes in non-food delivery, has signed big names like Walmart Inc, beauty retailer Sephora and convenience store 7-Eleven in the US since its last round of funding.
Instacart's order volume has grown up to 500% year on year during the North American pandemic as consumers hesitant to travel to supermarkets amid the health crisis turn to their phones to bring groceries, alcohol and prescription drugs to their doorsteps deliver.
To meet demand, Instacart has increased the number of workers buying customers from 200,000 at the start of the pandemic to over 500,000.
Instacart said in June that an IPO was still in sight. This time it declined to comment.
The new funds will be used to develop new functionality for the app, better serve retailers' e-commerce needs, and invest in Instacart ads.
(Reporting by Jane Lanhee Lee; Editing by Cynthia Osterman)
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