Feb 12, 2018

Instacart delivers $4.2 billion valuation

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.

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There are warning signs that Nevada could be Iowa all over again

Former Sen. Harry Reid (D) lines up to cast an early vote for the upcoming Nevada Democratic presidential caucus. Photo: Ethan Miller/Getty Images

The alarms are increasingly sounding over Nevada's Democratic caucus, which is just five days away.

Why it matters: Similar issues to the ones that plagued Iowa's caucus seem to be rearing their ugly heads, the WashPost reports.

China tries to contain coronavirus, as Apple warns of earnings impact

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's NHC; Note: China refers to mainland China and the Diamond Princess is the cruise ship offshore Yokohama, Japan. Map: Danielle Alberti/Axios

As China pushes to contain the spread of the novel coronavirus — placing around 780 million people under travel restrictions, per CNN — the economic repercussions continue to be felt globally as companies like Apple warn of the impact from the lack of manufacturing and consumer demand in China.

The big picture: COVID-19 has now killed at least 1,775 people and infected more than 70,000 others, mostly in mainland China. There are some signs that new cases are growing at a slower rate now, although the World Health Organization said Monday it's "too early to tell" if this will continue.

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Apple will miss quarterly earnings estimates due to coronavirus

Apple CEO Tim Cook

Apple issued a rare earnings warning on Monday, saying it would not meet quarterly revenue expectations due to the impact of the coronavirus, which will limit iPhone production and limit product demand in China.

Why it matters: Lots of companies rely on China for production, but unlike most U.S. tech companies, Apple also gets a significant chunk of its revenue from sales in China.