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Instacart Pushes Its Way To A $13.7B Valuation With New $225M Funding Round

While demand for grocery pickup and delivery services grows during the COVID-19 pandemic, raised a new $225 million financing round led by and , the company said Thursday.

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Existing investor also participated in the round, which now boosts the San Francisco-based company鈥檚 since being founded in 2012, according to 附近上门 data. We reported Instacart last raised funds in October 2018, giving it a $7.6 billion valuation at that time. Backers over the past eight years have also included , , and . Thursday’s funding , the company said in a written release.

“COVID-19 created a massive shift for the grocery industry and forever changed how people view the necessity of on-demand services,鈥 Instacart鈥檚 founder and CEO Apoorva Mehta said in a statement. 鈥淥vernight, Instacart became an essential service for millions of families across North America and our teams have worked incredibly hard to safely serve customers and shoppers during this time of need.鈥

The company said it plans to use the new funding to grow its client base through new services and features, invest in its businesses such as Instacart Advertising and Instacart Enterprise and scale its operations and technical teams to help meet the increased customer demand.

Meanwhile, Hong Kong-based DST Global鈥檚 capital infusion in Instacart comes as the investment company flexed its monetary muscle over the past month. Recent deals include a $150 million funding of fintech company in May, and a $160 million round of funding for South Korea-based , also a grocery delivery company, in April. Soon after it raised money, Brex announced layoffs.

DST Global鈥檚 managing partner, , said in a written statement that Instacart is providing 鈥渓ong-term value,鈥 especially as it meets demand during COVID-19.

“It’s been remarkable to watch the Instacart team, in these unprecedented times, not only successfully scale its operations and technology to serve customers, but also provide earning opportunities for hundreds of thousands of shoppers, as well as continued business for its retail partners,鈥 he said.

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