• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
Computer Business World News

Computer Business World News

Trending News about Computers, Business and Tech

  • Home
  • Business
  • Careers
  • Computers
  • Tech
  • About/Contact

Instacart Valuation Rises to $39 Billion in Latest Fundraising

March 2, 2021 by CBW Reporter

Instacart, the grocery delivery company, said on Tuesday that it has raised another $265 million in a funding that values it at $39 billion, more than doubling its valuation for the second time in a year.

Andreessen Horowitz and Sequoia Capital, which are existing investors in Instacart, participated in the latest financing for the eight-year-old start-up. Over the last year, Instacart has raised two rounds of funding totaling $525 million. It was previously valued at $17.7 billion.

The pandemic has supercharged Instacart’s growth. Customers eager to avoid shopping in stores are using the company’s app-based grocery ordering service. Laid-off workers have also turned to gig-economy jobs, like Instacart shopping, to make money. Instacart now has 500,000 shoppers who work on contract.

“This past year ushered in a new normal, changing the way people shop for groceries and goods,” Nick Giovanni, Instacart’s chief financial officer, said in a statement.

Instacart has weathered criticism of its business model as it has expanded. Earlier this year, layoffs of some of Instacart’s few unionized workers prompted accusations of union busting. Grocery stores have said the app’s fees of around 10 percent have made it difficult to make a profit.

The company delivers goods from 600 retailers across 45,000 stores in the United States and Canada. It has expanded beyond groceries to include office supplies, sporting goods, prescription drugs and pet supplies from chains including Staples, Dick’s Sporting Goods, CVS and Petco.

Instacart said it planned to use the new funding to hire more employees and to expand business lines including advertising for consumer packaged goods companies and enterprise software for retailers.

In a statement, Jeff Jordan, a partner at Andreessen Horowitz, said his firm had been impressed by the way Instacart had shown resilience in the pandemic and “met the moment of 2020.”

The company has been named as a candidate to go public. In January, it appointed Mr. Giovanni, formerly of Goldman Sachs, as chief financial officer.

View Source

Filed Under: Business, Tech Tagged With: Delivery Services, Instacart, Mobile Applications, Mobile Commerce and Payments, Shopping and Retail, Venture Capital

Primary Sidebar

More to See

Intel records mixed Q1, but PC sales offer a silver lining Intel

Intel has beaten analyst revenue expectations for the first quarter of 2021, riding primarily on strong growth in PC sales.While overall Q1 revenue … [Read More...] about Intel records mixed Q1, but PC sales offer a silver lining Intel

The best motherboard 2021: the top Intel and AMD motherboards we’ve seen best motherboard 2021

The best motherboards ensure that your PC and all its components are running at their optimal performance. So, whether you’re building a PC or need … [Read More...] about The best motherboard 2021: the top Intel and AMD motherboards we’ve seen best motherboard 2021

Watch live: CDC panel debates use of J&J Covid vaccine after rare blood clot issue

[The stream is slated to start at 11 a.m. ET. Please refresh the page if you do not see a player above at that time.]A Centers for Disease Control and … [Read More...] about Watch live: CDC panel debates use of J&J Covid vaccine after rare blood clot issue

Footer

SITE INFORMATION

COMPUTER BUSINESS WORLD NEWS

About/Contact

Privacy Policy

Thank you for visiting our website.

Recent

  • The best motherboard 2021: the top Intel and AMD motherboards we’ve seen best motherboard 2021
  • Intel records mixed Q1, but PC sales offer a silver lining Intel
  • Elon Musk wants SpaceX to reach Mars so humanity is not a ‘single-planet species’

Search

Copyright © 2021 Computer Business World