Instacart has raised $225 million in a new funding round led by DST Global and General Catalyst.
The round increases Instacart’s valuation to $13.7 billion, up from $8 billion when it last raised money in 2018.
“COVID-19 created a massive shift for the grocery industry and forever changed how people view the necessity of on-demand services,” Instacart founder and CEO Apoorva Mehta said in a press release.
The new round will fund support for shoppers and partners and further expand initiatives in advertising and enterprise.
Instacart has raised a new round of financing that makes it one of the most valuable private companies in the US, leapfrogging DoorDash, Palantir and Robinhood.