Instacart in Talks to Receive $400 Million in New Investments
SAN FRANCISCO, CA - On-demand grocery delivery company Instacart is reportedly well underway in talks to raise roughly $400 million in new venture capital.
According to news source Axios, the company had previously raised $260 million in 2015, when the company was valued at $2 billion. Its latest valuation will be a 50 percent increase—$3 billion. Existing shareholder Sequoia Capital is expected to lead the new deal.
Last year, Instacart CEO Aproorva Mehta told Bloomberg that the company had no plans to raise more venture capital in the future.
This news comes on the heels of a recent fray in which Instacart had attempted to eliminate tipping, replacing tips with a standardized “service fee” to be collected by the company. After employees complained, tipping was reinstated.
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