With a valuation of $39 billion, Instacart is growing strongly in the United States

Online grocery platform Instacart has doubled its market value to $39 billion as consumers favor grocery pickup and delivery services during the coronavirus pandemic, prompting it to grow and raise funds to increase its market share.

Raised US$265 million to vigorously develop e-commerce

On Tuesday, Instacart said it had raised $265 million in new funding. Data shows that the new funds raised will be used for company expansion, mainly to recruit new employees, expand market share and promote the continuous development of e-commerce.

It is reported that in the past few months, Instacart has ushered in several new rounds of financing, which has greatly increased its market value. Data shows that in June, Instacart raised $225 million with a market value of $13.7 billion; in October, it raised $200 million, driving its market value to $17.7 billion.

In fact, Instacart dominates the e-commerce grocery market in the United States. As the COVID-19 pandemic has prevented many functions of grocers from being fully opened, Instacart has become the preferred partner for many e-commerce platforms to attract shoppers to shop. This may be one of the reasons why Instacart is valued so high.

Online grocery sales grew 323% year-over-year

Instacart is an American company that operates a grocery delivery and pickup service in the United States and Canada, where customers can order a variety of groceries from the Instacart website and app.

Data shows that Instacart's sales exceeded Walmart's in the first half of 2020. An agency found in a survey of the total online grocery sales of 1,010 companies that Instacart ranked first in market share and pointed out that Instacart's sales increased by 323% year-on-year.

Instacart 's growing customer base, coupled with its existing relationships with companies such as Sephora, Walgreens and Best Buy, its large shopper base and wide geographic coverage make it very attractive.

In addition, in order to increase expertise in digital experience, Instacart has recently ushered in a wave of executive recruitment. Most of the new executives come from technology companies such as Facebook, LinkedIn and YouTube, bringing more expertise in digital experience to Instacart. Instacart said that in the future it will directly cooperate with more consumer brands to increase its market share.

USA

Instacart

Financing