Feb 12, 2018

Instacart delivers $4.2 billion valuation

Dan Primack, author of Pro Rata

Instacart CEO Apoorva Mehta. Photo by Steve Jennings/Getty Images.

Instacart on Monday announced that it has raised $200 million in Series E funding at a $4.2 billion post-money valuation.

Why it matters: Amazon's purchase of Whole Foods seems to have accelerated Instacart's momentum, as rival grocers rush to offer tech-enabled delivery.

  • Coatue Management led the new round, and was joined by Glade Brook Capital Partners and insiders.
  • Instacart previously raised at a $3.4 billion post-money last March.

Axios reported last week that Instacart had filed a Series E stock cert in Delaware that allowed for up to $250 million. A company spokeswoman declined to comment on if today's announcement represents a final close.

Still no explanation from Instacart, Amazon or Whole Foods on last week's announcement that Amazon would begin "free two-hour delivery of natural and organic products from Whole FoodsMarket through Prime Now." Remember, Instacart had previously said that it had an exclusive agreement with Whole Foods for perishable food deliveries. Either Amazon is breaking that contract, or the contract wasn't written carefully enough.

Go deeper

Updated 10 mins ago - Politics & Policy

The latest: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh day across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: Washington, D.C., Mayor Muriel Bowser criticized federal police in a tweet Monday night for using munitions earlier in the day "on peaceful protestors in front of the White House, an act that will make the job of (DC Police Department) officers more difficult." "Shameful!" she added as she urged residents to go home and stay safe.

3 hours ago - World

The world watches America burn

Newspaper front pages via the Newseum

The world is watching the grief and anger, violence and pain in America's streets.

The big picture: The U.S. accounts for nearly one-third of the world's deaths from COVID-19. The killing of a black man, George Floyd, by police has sparked days of protest and nights of chaos in America's major cities.

Trump walks to historic St. John's Church outside White House as protests rage

President Trump walked to the historic St. John’s Episcopal Church, located just steps away from the White House across Lafayette Park, on Monday night as protests linked to the murder of George Floyd raged across the capital and cities around the country.

What we're seeing: Military police and park rangers used physical force and tear gas on peaceful protestors to clear the area so that Trump could "pay respects" to the church that was damaged by a fire on Sunday.