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INSTACART
SHARES
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5M+
Products listed on Instacart
5500
Cities available in
45k
Partnerships with stores
39B+
Valuation
IPO INFORMATION
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Instacart is an American company that operates a grocery delivery and pick-up service in the United States and Canada. The company offers its services via a website and mobile app. The service allows customers to order groceries from participating retailers with the shopping being done by a personal shopper.
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Grocery delivery app Instacart has raised $265m from its existing investors, doubling the company’s valuation following the pandemic boom in demand. Instacart, the US market leader in the grocery app sector, said the round valued the company at $39bn, up from $17.8bn at the time of its previous fundraise, which closed in November last year. The company said it intended to use the money to increase its corporate headcount by about 50 per cent this year, a hiring spree that would be spread across the business.
The cash injection comes as the company lays the groundwork for a long-anticipated initial public offering. In January, it announced it had hired Goldman Sachs banker Nick Giovanni as its new chief financial officer. Giovanni had previously been involved in IPOs from Airbnb and Twitter.
Instacart leapfrogs Stripe to become the second-most-valuable start-up in the U.S.
Huge demand
Over the past year, Instacart has been a key beneficiary of lockdown conditions, with many physical retailers restricting walk-in access to stores. To accommodate the demand, Instacart’s gig workforce has swollen to more than 500,000 across the country. Over the course of 2020, the company said it added more than 200 retailers and 15,000 additional locations to its app. With its new valuation, Instacart leapfrogs Stripe to become the second-most-valuable start-up in the US, according to CBInsights data. Elon Musk's Space Exploration Technologies is the most valuable.
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Instacart is the largest grocery delivery company in the US, according to research from Second Measure, controlling 46% of market share by last summer. But the company, founded in 2012, encountered challenges as well as huge demand during the pandemic. The sudden growth forced Instacart to rethink its business model, and it cut 1,900 jobs early in 2021, including its only union roles.
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“This past year ushered in a new normal, changing the way people shop for groceries and goods,” Instacart CFO Nick Giovanni said in a statement, adding that the US grocery business is “still in the early stages of its digital transformation”.
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With the new funding, Instacart plans to increase its corporate headcount by 50% in 2021, and expand projects including advertising, the company said.
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“This past year ushered in a new normal, changing the way people shop for groceries and goods,” Giovanni said in a statement announcing the latest round. “While grocery is the world’s largest retail category, with annual spend of $1.3tn in North America alone, it’s still in the early stages of its digital transformation.”
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Instacart said it is now available in more than 85% of US households and over 70% of those in Canada, and has partnerships with more than 45,000 stores.
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Instacart is an American company that operates a grocery delivery and pick-up service in the United States and Canada. The company offers its services via a website and mobile app. The service allows customers to order groceries from participating retailers with the shopping being done by a personal shopper.
