Instacart Raises Another $600 Million, Bringing Value Up to $7.6 Billion
Grocery delivery service Instacart wrapped up another round of funding with $600 million, bringing its overall evaluation to $7.6 billion, CNN reports.
With more than 300 partnerships around the country, Instacart has managed to remain relevant even after Amazon bought out Whole Foods last year. Prior to Amazon’s purchase—which brought in the competing service AmazonFresh—Instacart was Whole Food’s main delivery service for online orders.
Instacart now services 15,000 grocery stores across 4,000 cities with 50,000 shoppers, according to CNN. The latest round of funding, led by Daniel Sundheim’s D1 Capital Partners, was its third this year, and the company is still growing.
Forbes reports the San Francisco-based Instacart recently added offices in Atlanta and Toronto, and CEO Apoorva Mehta said he plans to double his engineering team next year.
Instacart co-founder Max Mullen told Reuters last year that going public is nowhere in their plans, but Mehta hinted that strategy may have changed since then. Mehta wouldn’t give a timeline, Forbes reports, but said an IPO is “on the horizon.”