Instacart Secures $220M Financing
Grocery delivery service Instacart has secured an additional $220 million in financing which the company will use for category expansion, geographic growth and technology enhancements. The investment brings Instacart's total funding to date to $275 million.
The Series C financing is led by Kleiner Perkins Caufiled & Byers (KPCB), and also includes investment from Comcast Ventures, Dragoneer Investment Group, Thrive Capital, Valiant Capital and previous investors Andreessen Horowitz, Khosla Ventures and Sequoia.
“Instacart’s offering really resonates with customers,” said Apoorva Mehta, Instacart founder and CEO. “We’ve got robust processes in place to support category and geographic expansion. Our vision is to help all types of local retailers get online and offer their customers one-hour delivery. This financing round will help us accelerate and scale those efforts.”
In 2014, the fast-expanding delivery service has grown revenue 10-fold, signed partnerships with major retailers Whole Foods Market, Fairway Market and Fresh & Easy, as well as business development agreements with HomeAway and Yummly.
Founded in San Francisco in 2012, Instacart now operates in 15 U.S. cities with its fleet of more than 4,000 personal shoppers, delivering from 50 grocery retailers nationwide.