Instacart has raised an additional $600 million in funding as it continues its rapid-fire expansion across the U.S. grocery landscape.
The San Francisco-based company, which is now valued at $7.6 billion, received the funds as part of a financing round led by D1 Capital Partners.
The company plans to use the capital to continue to fuel its North American expansion and to increase awareness of its services. Additionally, Instacart aims to recruit "world-class engineering and product development talent," according to company officials.
"We believe we’re in the very early stages of a massive shift in the way people buy groceries, and we expect that one in five Americans will be shopping for their groceries online in the next five years," said Apoorva Mehta, CEO of Instacart. The partnership with D1 Capital is "a testament to the growth we’ve seen and our ambitious plans for the future,” he said.
Instacart currently serves more than 15,000 grocery stores across 4,000 cities in the U.S. and Canada. Major retailers such as Kroger and Walmart are continuing to expand its services, with Tops and Hy-Vee among the most recent retailers to add its services. Additionally, Albertsons recently launched a web-exclusive store, O Organics Market, in partnership with the company.