Grocery Delivery Startup Instacart Raising $100 Million-Plus at $2 Billion Valuation

Instacart, a grocery delivery startup that whisks orders from brick-and-mortar stores like Whole Foods to customer homes, is raising a $100 million-plus investment led by Kleiner Perkins Caufield & Byers, according to an industry source. The investment, which has not yet closed, will value the San Francisco-based company at $2 billion, this person said.

Previous investors, including Sequoia Capital and Andreessen Horowitz, are re-upping in this round. TechCrunch first reported the deal.

The massive investment underscores rising interest among urban residents for same-day delivery of groceries. Instacart, led by CEO Apoorva Mehta, is capitalizing on concerns among big grocery chains about Amazon expanding its grocery delivery business. Instacart is also taking advantage of surging investor interest in the category, as the size of this valuation shows. Instacart’s momentum gives it a strong shot at becoming the big independent player in this space.

This article originally appeared on Recode.net.

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