San Francisco – April 12, 2018 – Cooley advised on-demand grocery delivery service Instacart on its $350 million Series E financing led by Coatue Management, a high-growth technology investment firm. The latest round brings Instacart’s valuation to $4.35 billion. Cooley partners Bradley Libuit, Rachel Proffitt and Jon Avina led the team advising Instacart.
The financing comes on the heels of a period of accelerated growth for Instacart, including expansion across North America and partnerships with the eight largest grocers in North America – Kroger, Albertsons, Publix, Costco, Ahold-Delhaize, HEB, Loblaw and Sam’s Club. With the closing of this opportunistic fund, Instacart has raised more than $1 billion since its founding in 2012.
Instacart plans to leverage the capital to achieve its mission to change the way people grocery shop. This includes doubling the size of its team, continuing to rapidly expand its footprint across North America and investing in new products and services that improve the proposition for its customers, shoppers and retail partners.
"The online grocery market hit a tipping point last year, as more and more consumers demanded grocery delivery. We are excited to accelerate our plans to bring online grocery everywhere and to keep transforming the way people shop," said Ravi Gupta, COO and CFO of Instacart, in a news release. "We are also excited to welcome Coatue to our team and are grateful for the participation of our other new and existing investors."
Instacart helps people cross grocery shopping off their to-do lists with just a few clicks. Customers use Instacart’s website or app to fill their virtual shopping cart with items from their favorite, local stores and get connected with shoppers who hand pick the items and deliver them straight to their door in as little as one hour.
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