Delivery service Instacart has closed $200 million in Series E financing led by Coatue Management, valuing the company at approximately $4.2 billion. Glade Brook Capital Partners also joined the financing along with existing investors according to a blog post by founder and CEO Apoorva Mehta.
In 2017, Instacart launched in over 160 new metropolitan areas and is now available to 70 million households across US and Canada. The company said it has 200 grocery partners including 7 of the top 8 North American grocers.
Based in San Francisco, Instacart uses contractors called personal shoppers that buy items from stores and deliver them to customers. Fees range from $3.99 per order to higher depending on amount and how soon customer wants the items delivered.
Other investors in Instacart include: Sequoia Capital, Andreessen Horowitz, Khosla Ventures, SV Angel, and Y Combinator. The company was founded in 2012.