U.S. grocery delivery service Instacart has announced it has just closed a $220 million round of Series C financing by Kleiner Perkins Caufield & Byers. Adding this to new financing from Comcast Ventures, Dragoneer Investment Group, Thrive Capital, Valiant Capital and previous investments from Andreessen Horowitz, Khosla Ventures and Sequoia, Instacart has received about $275 million to date.
The Instacart service features personal shoppers that hand pick and deliver groceries using their own transportation from local stores to American shoppers.
“We look for visionary entrepreneurs who are re-imagining big business opportunities. In Instacart, we found both,” said Mary Meeker, general partner at KPCB, in an Instacart press release. “Many Americans spend hours per week grocery shopping. Combining its elegant app with on-demand delivery, Instacart allows consumers to save time, and discover new products, while shopping from their favourite local stores.”
According to company CEO Apoorva Mehta, Instacart will be using the investments to support category expansion, continued geographic growth and technology enhancements.
