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Instacart CEO Apoorva Mehta(TechCrunch via Flickr CC)

Instacart is in advanced talks to raise around $400 million in new venture capital funding at a $3 billion valuation, Axios has learned from multiple sources. The on-demand grocery delivery company previously was valued at around $2 billion, after having raised more than $260 million. Word is that existing shareholder Sequoia Capital will lead the new deal.

This comes shortly after a recent dust-up over altered pay for delivery workers, which one source acknowledges was an unforced error, but not one that investors apparently believe will have negative long-term consequences. Part of that confidence may be that they seem to be valuing San Francisco-based Instacart mostly on its tight integration with retailers, rather than on its delivery model (or even its lucrative CPG partnerships). In fact, there is some talk that Instacart could someday cut the company-managed deliveries all together, allowing the retailers or third parties to handle last-mile.

No comment from either Instacart or Sequoia Capital.

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Technology

TikTok gets more time (again)

Illustration: Aïda Amer/Axios

The White House is again giving TikTok's Chinese parent company more to satisfy national security concerns, rather than initiating legal action, a source familiar with the situation tells Axios.

The state of play: China's ByteDance had until Friday to resolve issues raised by the Committee on Foreign Investment in the U.S. (CFIUS), which is chaired by Treasury secretary Steve Mnuchin. This was the company's third deadline, with CFIUS having provided two earlier extensions.

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.