One of the best outcomes of technological developments is embodied in a single word: convenience. Caregivers who can’t get to a grocery store thank their lucky stars for the ease of placing food orders online and waiting for prompt deliveries.
As a case in point, Instacart, the nationwide on-demand grocery delivery service, is a lifesaver for anyone short on food and time. Today, Coatue Management, a leading investor in high-growth technology companies, also recognized Instacart’s ability to solve a consumer issue efficiently. With participation from Glade Brook Capital and existing investors, the Series E financing of $350MM placed Instacart’s valuation at $4.35B.
The financing follows a period of growth for Instacart, which has expanded across North America and partnered with the eight largest grocers in North America. They are Kroger, Albertsons, Publix, Costco, Ahold-Delhaize, HEB, Loblaw and Sam’s Club. At the closing of this round of funding, Instacart has raised more than $1B since its founding in 2012, with most of this money still in the bank.
The company will remain focused on its mission to change the way people grocery shop. To achieve that goal, the plan involves doubling the size of the Instacart team, expanding across North America and investing in new products and services.
Founded in San Francisco in 2012, Instacart has quickly scaled to more than 220 markets and partnered with retailers across North America as well as local and regional grocers. Some of these include Publix, Wegmans, Schnucks and H-E-B. By combining a personal touch with advanced technology, the grocery delivery service offers customers an easy way to save time and eat fresh food.
Instacart delivers within an hour, and the first one is free. Here’s to the growth of a model company using technology and personal service to increase convenience for consumers.