News: Snowflake CEO Slootman joins Instacart board.
(Reuters) – Instacart said Thursday that Frank Slootman, chief executive officer of cloud-based data warehouse company Snowflake, has joined the board of directors of the U.S. food delivery company that is preparing to go public this year.
Slootman, a software industry veteran who is behind some big market debuts, was instrumental in getting Snowflake public in a mega IPO last year.
He also led the IPOs of ServiceNow and Data Domain, and oversaw EMC’s eventual acquisition of Data Domain for more than $ 2 billion.
Instacart is considering going public via direct listing, Reuters reported earlier this month. According to Reuters, the company has hired Goldman Sachs Group Inc to lead the upcoming IPO.
The company raised $ 265 million in its most recent funding round, more than doubling its valuation to $ 39 billion in less than six months.
The company saw a boom in demand for supplies during the COVID-19 pandemic and expanded its business into non-food products to serve customers of large stores such as Walmart Inc, beauty product retailer Sephora and convenience store 7-Eleven.
Reporting from Nivedita Balu in Bengaluru; Adaptation of Shinjini Ganguli
Original Source © Reuters