Instacart raised new funding, more than doubling the grocery delivery start-up’s valuation from the beginning of the year and further cementing its place as one of the most valuable private companies in the U.S.
Amid surging demand for grocery delivery due to the coronavirus pandemic, Instacart has raised $200 million in a new funding round led by existing investors Valiant Capital and D1 Capital Partners. The round increases the start-up’s valuation to $17.7 billion. Instacart plans to use capital to expand its ad and enterprise businesses, and for product development, the company said.
Instacart was valued at $7.9 billion at the start of the year and raised another round of funding in June led by DST Global and General Catalyst. Instacart is now valued at the same level as Airbnb in private markets, highlighting the diverging fortunes start-ups have seen this year.
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