Instacart’s insane valuation growth
$265M funding round more than doubles company’s valuation from last October 257 3 minutes read Instacart has announced a new funding round of $265 million, increasing its valuation to $39 billion. (Photo: Instacart)
Instacart has announced a $265 million venture fundraising round, putting the total value of the company at $39 billion more than double what it was just six months ago.
The round involved existing investors Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Co. LLC, and T. Rowe Price Associates Inc.
“Today’s fundraising reflects the strength of Instacart’s business, the growth our teams have delivered, as well as the incredible opportunity ahead. This past year ushered in a new normal for millions of people and changed the way we shop for groceries and goods,” the company wrote in a blog post.
There may be other deals to come as New York moves toward cannabis legalization
Executive Moves
Clever Leaves announced that Hank Hague would be joining the company as chief financial officer
Acreage Holdings announced that CFO Glen Leibowitz is leaving the company. Steve Goertz, former CFO of sgsco and a partner at Bespoke Capital Partners, will be taking over as CFO starting April 2.
Agrify announced the formation of its new advisory board on Wednesday, including Rosie Mattio, CEO of MATTIO Communications, and Matthew Kressy, founding director of the MIT Integrated Design & Management program.
Fyllo announced it would be bringing on Twitter veteran Katie Ford as the company s new COO.
Grocery chains are coming under pressure to boost hourly employees pay again, as municipalities push continued aid for frontline workers nearly a year into the Covid-19 pandemic.
Seattle, Long Beach, Calif., and other cities have passed new rules requiring supermarkets to provide employees temporary bonus pay. Others, including Los Angeles, are considering similar mandates designed to help employees who have to show up for work in public-facing jobs like cashiers or baggers and risk exposure to the coronavirus.
Some grocers are pushing back, saying that shoppers will bear the costs. Grocery executives say rules to raise wages in some cases by as much as $5 an hour will increase expenses by about 30% in stores and squeeze already thin profit margins. Some chains including Kroger Co. say they will close some stores in areas with new wage mandates, while others say they are boosting food prices or may cut back on services like checkouts.