Jun 11, 2020 - Economy

Instacart now valued at $13.7 billion

Illustration of a waiter holding a silver serving tray featuring a bag of groceries

Illustration: Sarah Grillo/Axios

Grocery delivery company Instacart announced Thursday that it raised $225 million in new venture capital funding at a $13.7 billion valuation.

Why it matters: Instacart was often an afterthought for those following the gig economy, until the coronavirus pandemic made it a lifeline for many Americans who were unable or unwilling to shop for groceries. It's now valued higher than competitors like Postmates, Grubhub, Lyft and DoorDash.

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