October 8, 2020 | technology | No Comments
Instacart announced its second nine-figure funding raise this year with a $200 million Series H round that values the delivery app at $17.7 billion and shows that staying the top player in grocery delivery will take serious capital.
The valuation lifts the net worth of 34-year-old CEO and founder Apoorva Mehta by $400 million to $1.6 billion, based on an estimated 10% stake in Instacart. Mehta debuted as a billionaire after raising $225 million in June, which valued the company at $13.7 billion and put the paper value of his stake at $1.2 billion. A spokesperson for Instacart had no comment on Forbes’ estimate.
The new financing round was led by existing investors Valiant Peregrine Fund and D1 Capital. The money will go towards investing more in its web advertising platform, in which food brands pay for better