Instacart announced another $200 million in financing Thursday to boost its valuation to $17.7 billion. Existing investors Valiant Peregrine Fund and D1 Capital Partners led the investment, according to the company’s blog post.
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The funding comes nearly four months after the San Francisco-based grocery pickup and delivery company announced it had raised a $225 million financing round led by DST Global and General Catalyst. That deal gave the company a $13.7 billion valuation.
Including the new funding, Instacart has raised a total of $2.4 billion, according to Crunchbase data.
The company said it will put the new money to work on initiatives, including introducing new features and tools for customers and investing in two of its offerings: Instacart Enterprise, which supports retailers’ end-to-end e-commerce needs, and Instacart Ads, which connects consumer packaged goods brands to customers.
“COVID-19 has forever changed the way people shop for their groceries and goods and, as a result, Instacart has gone from a convenience to a lifeline for millions of people,” the company said in its blog. “Today’s investment comes as consumer demand for Instacart’s service continues to grow and we continue to expand our marketplace with new and existing retail partners. We now partner with more than 500 retailers and deliver from nearly 40,000 store locations across the U.S. and Canada.”
Meanwhile, this is D1 Capital’s third investment so far in October, according to Crunchbase data. The firm invested in Cazoo, leading a 240 million euro venture round in the London-based online used car marketplace. On Wednesday, we reported on it being the lead investor for medical technology company Avail Medsystems, which develops telemedicine software for the procedure room. The company raised $100 million in Series B funding.
Illustration: Li-Anne Dias