Instacart is in the process of raising more than $100 million in an investment round that will value the grocery delivery company at $2 billion, according to a report by TechCrunch. The news comes almost six months after the company announced it raised $44 million in a Series B funding round. A round of this size could fuel major expansion for the company, which is helmed by Apoorva Mehta, a former Amazon supply chain engineer who founded the grocery delivery firm in 2012.
Instacart, the home grocery delivery service that launched back in 2012, is close to raising a massive Series C round of funding north of $100 million, according to sources. The raise will value the startup at $2 billion, or more than quadruple the $400 million valuation of its Series B financing from June. Including this round, Instacart has raised a total of $154.8 million with other investors that include Andreessen Horowitz, Sequoia, Khosla Ventures, Canaan Partners, Y Combinator boss Sam Altman and Box founder Aaron Levie. We’re still working on verifying the lead investor, but at this time, sources indicate that Kleiner Perkins is in the driver’s seat. We heard rumors that KPCB took a look at Instacart during its last fund raise, which was led by Andreessen Horowitz instead. Instacart launched two years ago to become the Uber of grocery delivery. Users choose a grocery store, shop for items, and get on-demand delivery of those items within an hour, either from their phones or the company’s website.