American grocery delivery service Instacart has secured $350m in Series E funding from Coatue Management to strengthen its presence across North America.
Coatue Management offered the funding with support from Glade Brook Capital and existing investors.
As part of the North American expansion plans, Instacart will partner with eight grocers, including Kroger, Loblaw, Albertsons, Costco, Ahold-Delhaize, Publix, HEB and Sam’s Club.
Coatue Management partner Kris Fredrickson said: “Technology has changed the way we travel, communicate, and shop. But for most, visiting the grocery store is still a part of the weekly routine.
“Instacart’s incredible service is quickly bringing the grocery shopping experience online. After having been impressed with the team’s execution over the last several years, we are excited to partner for the next phase of the Instacart journey.”
The investment will help Instacart to double the size of its team and invest in new products and services to enhance the experience of its shoppers, customers and retail partners.
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Since 2012, Instacart has raised $1bn in funding, including the current $350m investment, most of which is still in the bank.
Instacart COO and CFO Ravi Gupta said: “The online grocery market hit a tipping point last year, as more and more consumers demanded grocery delivery.
“We are excited to accelerate our plans to bring online grocery everywhere and to keep transforming the way people shop.
“We are also excited to welcome Coatue to our team and are grateful for the participation of our other new and existing investors.”