Instacart has raised another $350 million in Series E financing, bringing its valuation to $4.35 billion. Instacart officials say the company will use the funding to double the size of the Instacart team.
The financing comes after a period of "accelerated growth" for the company, which is apparent from the staggering number of grocers that have partnered with Instacart over the past several months, including Fresh Thyme and Albertsons. Kroger has also been expanding Instacart's services to new markets across the country.
Ravi Gupta, COO and CFO of Instacart, said the online grocery market hit a "tipping point last year, as more and more consumers demanded grocery delivery."
The investments were led by Coatue Management with participation from Glade Brook Capital and existing investors. Instacart has now raised more than $1 billion since its founding in 2012, with the vast majority of the capital "still in the bank," according to company officials.