Source: TechCrunch
Summary
Instacart, a grocery delivery and pickup service, has raised $265 million in a funding round led by Andreessen Horowitz, with participation from existing investors. The company’s valuation now stands at $14 billion. The funding will be used to expand Instacart’s services and improve its technology. Instacart has partnered with over 40,000 stores across the US and Canada. The company has seen significant growth during the pandemic.
Our Reading
The launch follows a familiar script.
Instacart raises $265 million, valuation skyrockets to $14 billion. Because what the world really needed was another overvalued grocery delivery service. “Expanding services” is code for “we’re still figuring it out.” Partnering with 40,000 stores is just a fancy way of saying “we’re really good at making deals.” And by “significant growth during the pandemic,” they mean “people were desperate.”
Author: Evan Null
