News: Instacart valuation more than doubles to $39 billion with latest funding round.
(Reuters) – Instacart more than doubled its valuation to $ 39 billion in less than six months, with a round of donations of $ 265 million from existing investors as the food company was hit by one during the COVID-19 pandemic Benefit from increase in online orders.
The San Francisco start-up, whose transaction volume increased six-fold over the past year when door-to-door delivery boomed during lockdowns, announced Tuesday that it would use some of the new funds to increase the number of its employees in 2021 estimated 50% increase.
The company was valued at $ 17.8 billion in November after closing an earlier round of funding. That same month, Reuters reported that Instacart selected Goldman Sachs Group Inc to lead its approximately $ 30 billion initial public offering.
The latest cash injection comes just months after California backed an election proposal confirming app-based delivery drivers’ status as independent contractors – a major boost for companies like Instacart and Uber Technologies Inc that rely on people to be independent and independent do not work as employees.
The new funding round was led by Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Co. and T. Rowe Price Associates.
Reporting from Uday Sampath in Bengaluru; Adaptation by Devika Syamnath
Original Source © Reuters