Instacart raises $400 million at a $3.4 billion valuation to deliver groceries on demand _ techcrunch

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Grocery delivery startup Instacart has raised $400 million in a new round of financing at a valuation of $3.4 billion, according to sources familiar with the deal. Mexican food in san diego Axios broke news that Instacart was in talks to close the deal last week. Best seafood restaurants in san diego Instacart executives declined to comment for this story. Best restaurants in chicago il However, Instacart CEO Apoorva Mehta confirmed the deal, tweeting out a company blog post on Wednesday.

Over the past year, Instacart has weathered a number of controversies after raising prices for consumers and cutting rates for its workers. Mexican food in los angeles Previously, the startup had raised around $260 million at a reported $2 billion valuation.

Some of its competitors have faltered significantly since Instacart last raised funding.

Best dinner restaurants in los angeles Close to home, San Francisco-based organic food delivery startup Good Eggs went through a change in leadership, layoffs and general belt-tightening. Best inexpensive restaurants in chicago In India, ridesharing operator Ola axed its grocery delivery service entirely. Best cheap restaurants in chicago Other competitors have grown, like Google Express and Amazon PrimeNow.

To date, Instacart has operated solely within the U.S., where consumers spend more than $727 billion annually on food for consumption at home, according to the most recent available data from the U.S. Best affordable restaurants in chicago Department of Agriculture.

Instacart’s Aporva Mehta speaks at TechCrunch Disrupt in San Francisco

As TechCrunch has previously reported, Instacart has multiple revenue streams. Best lunch spots in new orleans The company charges customers a markup on groceries, plus a fee for delivering items to their doors. Best food in new orleans In addition, consumer packaged goods brands pay Instacart to advertise on its platform. Best chinese food in chicago And the startup strikes revenue share agreements with partners including grocery chains like Whole Foods.

The Wall Street Journal reported that early investor Sequoia Capital contributed $100 million to Instacart’s latest round of funding. Best chinese food in chicago chinatown According to Instacart’s company statement, other investors in the Series D round of funding included: Wellcome Trust, Y Combinator Continuity, Andreessen Horowitz, FundersClub, Khosla Ventures, Kleiner Perkins Caufield & Byers (KPCB), Initialized Capital, Thrive Capital and Valiant Capital.

Emerging competitors like Shipt, Postmates and StorePower may be hard-pressed to raise funding following this round. Instacart will likely be able to outspend smaller competitors for a good long while given this latest cash infusion.

Updates: After Instacart published a company statement about it, we added information about investors participating in its Series D funding round to this post.

• Overview Instacart is a same-day grocery delivery startup offering delivery in as little as one hour. Best seafood in wildwood nj Focused on delivering groceries and home essentials, Instacart already has over 500,000 items from local stores in its catalogue.

Customers can choose from a variety of local stores including Safeway, Whole Foods, Super Fresh, Harris Teeter, Shaw’s, Mariano’s, Jewel-Osco, Stanley’s and Costco. Best indian restaurants in chicago Customers …

• Categories E-Commerce, Delivery, Same Day Delivery, Grocery

• Overview Sequoia is a venture capital focused on energy, financial, enterprise, healthcare, internet, and mobile startups. Best seafood restaurants in new york city The company was founded by Don Valentine in November 1972 and is based on Menlo Park, California.

• Categories Impact Investing, Angel Investment, Venture Capital

• Overview Y Combinator is a startup accelerator based in Mountain View, CA.

In 2005, Y Combinator developed a new model of startup funding. Best cheap eats in chicago Twice a year they invest a small amount of money ($120K) in a large number of startups (most recently 68). Best fast food places near me The startups move to Silicon Valley for 3 months. Best restaurants near times square The YC partners work closely with each company to get them into the best possible shape and refine their pitch …

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