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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

Officer Kim Potter to be charged with manslaughter in Daunte Wright's death

Photo: Bruce Bisping/Star Tribune via Getty Images

Kim Potter, the former police officer who fatally shot Daunte Wright outside Minneapolis on Sunday, will be charged with second-degree manslaughter, Washington County Attorney Pete Orput told the Star Tribune Wednesday.

Why it matters: The shooting of the 20-year-old Black man in Brooklyn Center, Minn., just ten miles from where George Floyd was killed by a Minneapolis police officer last year, has reinvigorated Black Lives Matter protests and led to three consecutive nights of unrest.

Tech dominates highest paying pandemic internships list

Illustration: Annelise Capossela/Axios

In the past year as the pandemic raged on, some of the world's most valuable companies continued to grow and compensate their workers well above national medians – interns included.

Driving the news: Workplace review platform Glassdoor published its 2021 report today on the 25 highest paying U.S. internships.

Biden on Afghanistan: "It is time to end America’s longest war"

Photo: Demetrius Freeman/The Washington Post via Getty Images

President Biden will say in a speech Wednesday that it's "time to end America’s longest war," as he sets out plans to withdraw all U.S. forces from Afghanistan by Sept. 11, according to prepared remarks.

Driving the news: "I am now the fourth American president to preside over an American troop presence in Afghanistan. Two Republicans. Two Democrats. I will not pass this responsibility to a fifth," Biden will say. "It is time for American troops to come home."