- Instacart, an online grocery delivery service, announced it has received $220 million in its latest funding round, led by venture firm Kleiner Perkins Caufield & Byers, bringing the company's total funding to $275 million to date.
- The company said it will use the money to grow into new markets, both domestically and internationally, and it also hinted at expansion into other verticals of delivering consumer goods.
- Instacart relies on individuals to purchase products for customers while at a physical store rather than maintaining storage warehouses like Amazon or Walmart, which have also started grocery delivery services.
This recent contribution adds to the company's previous funding round in June, when it received $44 million led by venture capital firm Andreessen Horowitz. Instacart works with a variety of companies, including Whole Foods, who recently expanded its delivery and pickup services. With the introduction of Instacart Express, the company was compared to the consumer goods giant Amazon Prime. According to a Packaged Facts report released in November, online grocery shopping is one of the fastest-growing channels.