Instacart, a San Francisco-based company that provides grocery delivery services, has raised nearly $210 million in a new round of funding according to documents filed with the Securities and Exchange Commission on Tuesday.
The round, which could increase to $220 million if all allotted shares are sold, more than quadruples the startup's previous valuation of $400 million, based on other filings uncovered by VC Experts, a private company research firm. Re/code first reported the raise and suggested that the investment would value the company at $2 billion, according to a source.
Instacart, which provides online ordering and same-day delivery from stores such as
An Instacart spokesperson could not be immediately reached for comment.
According to The New York Times, Instacart will have revenues of $100 million in 2014, 10 times its sales from the previous year. The company faces a host of competitors from web giants like
Among the company's biggest shareholders is Sequoia Capital, a previous investor in Web 1.0 delivery bust Webvan. Sequoia partner Michael Moritz, who was involved with his firm's Webvan investment, sits on Instacart's board and has long maintained that the businesses are different.
