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Grocery delivery company Instacart has raised $100 million in new funding, on top of the $225 million it announced last month, the company tells Axios. This brings its valuation to $13.8 billion.
Why it matters: This funding comes at what could be an inflection point for Instacart, as customers it acquired during coronavirus lockdowns decide whether they want to continue with the service or resume in-person grocery shopping.
Investors: T. Rowe Price provided the new funding. The earlier infusion was co-led by DST Global and General Catalyst, with D1 Capital also participating.
- Andrew Davis, T. Rowe Price's director of private investments, said in a statement: "As online adoption of grocery shopping grows, we believe that Instacart will continue to lead e-commerce capabilities in this important part of the consumer economy."
The bottom line: Instacart has raised over $2.2 billion since its 2012 inception and says it's accessible to over 85% of U.S. households in all 50 states, and more than 70% of Canadian households.