Delivery platform Instacart has raised $265 million in a Series I funding round led by investors Andreessen Horowitz, Sequoia Capital, D1 Capital Partners, Fidelity Management & Research Company LLC and T. Rowe Price Associates. The capital more than doubles Instacart’s valuation to $39 billion.
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Instacart said it plans to use the new capital to increase corporate head count by 50% this year and invest in ad platform Instacart Advertising. It will also use the funding to support its Instacart Marketplace and Instacart Enterprise, which “supports the end-to-end ecommerce needs of retailers,” according to a statement.
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