Instacart Inc.’s valuation hit $13.7 billion in a funding round after the popularity of the grocery delivery service exploded in recent months from an influx of people staying at home under pandemic lockdowns.
The new value matches the price Amazon.com Inc. paid to acquire Whole Foods in 2017 and is a significant jump from Instacart’s valuation in late 2018, which was $7.9 billion.
Instacart raised $225 million in the funding round. It will use the infusion to support the surge of new customers, workers and partners and fuel behind-the-scenes work in advertising and business software it provides to grocery partners, Instacart said Thursday. DST Global and General Catalyst joined existing investor D1 Capital Partners in the round.
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