Instacart Bags $871 Million in Funding
San Francisco – November 16, 2018 – Cooley advised on-demand grocery delivery company Instacart on its $871 million financing round led by global investment advisory firm D1 Capital Partners, which also included participation by Tiger Global, Coatue Management and Valiant Capital. Partners Bradley Libuit, Rachel Proffitt and Jon Avina headed the Cooley team advising Instacart on the round, which raised the company’s valuation to nearly $7.9 billion.
"The US is nearly a $1 trillion grocery market, and last year we saw almost every major grocer in North America bring their delivery business online in a significant way,” said Instacart CEO and founder Apoorva Mehta in a news release. “We believe we're in the very early stages of a massive shift in the way people buy groceries and we expect that one in five Americans will be shopping for their groceries online in the next five years. We're excited to partner with D1 Capital on this investment, which is a testament to the growth we've seen and our ambitious plans for the future."
Instacart will use the new capital to continue expanding in North America, invest in marketing to increase awareness and recruit engineering and product development talent. The company serves more than 15,000 grocery stores across 4,000 cities in the US and Canada with a dedicated community of 50,000 shoppers.
Earlier this year, Cooley advised Instacart on its $350 million Series E financing. To date, the company has raised more than $1.87 billion in funding.
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