The grocery app doubled its valuation with the funding round from existing investors, including Andreessen Horowitz, Sequoia Capital and D1 Capital Partners. (The Logic)
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The grocery app doubled its valuation with the funding round from existing investors, including Andreessen Horowitz, Sequoia Capital and D1 Capital Partners. (The Logic)
Talking point: The pandemic has helped fuel Instacart’s business as consumers look to more online delivery services. Online orders have tripled compared to 2019, and now account for 10 per cent of the US$1-trillion grocery industry. The company, co-founded and led by University of Waterloo alumnus Apoorva Mehta, added Facebook executive Fidji Simo and former Spotify and Netflix CFO Barry McCarthy to its board last week. Instacart is reportedly planning an initial public offering this year, but some analysts believe its longstanding employee unrest may interfere with a successful listing.
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