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.

We have a request

Vox's journalism is free because we believe that everyone deserves to understand the world that they live in. That kind of knowledge helps create better citizens, neighbors, friends, parents, consumers and stewards of this planet. In short, understanding benefits everyone. You can join in on this mission by making a financial gift to Vox today. Reader support helps keep our work free, for everyone. Will you join us?

One-Time Monthly Annual

$95/year

$120/year

$250/year

$350/year

Other

$

Yes, I'll give $120/year

Yes, I'll give $120/year

We accept credit card, Apple Pay, and Google Pay. You can also contribute via