Connect with us

Corporate Finance

Instacart valuation increased to $39 billion after new funding round

Published

on


Instacart Inc. announced Tuesday that it raised $265 million as part of a new funding round, which raised the privately held online grocery platform’s valuation to $39 billion. The investors in the new funding round included Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Co. and T. Rowe Price Associates. The company plans to use the new funding “in a number of ways,” including increasing its corporate headcount by 50% in 2021. “Today’s fundraising reflects the strength of Instacart’s business, the growth our teams have delivered and the incredible opportunity ahead,” said Chief Financial Officer Nick Giovanni. “This past year ushered in a new normal, changing the way people shop for groceries and goods.” He noted that grocery is the largest retail category, with annual spending of $1.3 trillion in North America.