Instacart, the technology-driven, nationwide on-demand grocery delivery service, announced today the closing of its Series E financing round led by Coatue Management, a leading investor in high growth technology companies, with participation from Glade Brook Capital and existing investors. The Series E financing of $350MM brings Instacart's valuation to $4.35B.
The financing comes on the heels of a period of accelerating growth for Instacart, expanding across North America and partnering with the eight largest grocers in North America including Kroger, Albertsons, Publix, Costco, Ahold-Delhaize, HEB, Loblaw, and Sam's Club. With the closing of this opportunistic round of funding, Instacart has raised over $1B since its founding in 2012, with the vast majority of this capital still in the bank.
"Technology has changed the way we travel, communicate, and shop. But for most, visiting the grocery store is still a part of the weekly routine," said Kris Fredrickson, Partner at Coatue. "Instacart's incredible service is quickly bringing the grocery shopping experience online. After having been impressed with the team's execution over the last several years, we are excited to partner for the next phase of the Instacart journey."
Instacart will leverage this capital to achieve its mission to change the way people grocery shop. This includes doubling the size of the Instacart team, continuing to rapidly expand its footprint across North America, and investing in new products and services that improve the value proposition for its customers, shoppers, and retail partners.
"The online grocery market hit a tipping point last year, as more and more consumers demanded grocery delivery. We are excited to accelerate our plans to bring online grocery everywhere and to keep transforming the way people shop," said Ravi Gupta, COO/CFO of Instacart. "We are also excited to welcome Coatue to our team and are grateful for the participation of our other new and existing investors."
About Instacart Instacart helps people cross grocery shopping off their to-do lists with just a few clicks. Customers use the Instacart website or app to fill their virtual shopping cart with items from their favorite, local stores and Instacart connects them with shoppers who hand pick the items and deliver them straight to their door. Founded in San Francisco in 2012, Instacart has quickly scaled to over 220 markets and partnered with retailers across North America, including popular national chains (Albertsons, Kroger, Costco, Loblaw) as well as local, regional grocers (Publix, Wegmans, Schnucks, H-E-B). By combining a personal touch with cutting-edge technology, Instacart offers customers a simple solution to save time and eat fresh food from the most trusted grocery brands. Instacart is the only grocery service that can meet today's on-demand lifestyle by delivering in as little as one hour. First delivery is free at www.instacart.com.
