Instacart has landed another $150 million to continue battling Amazon’s invasion of its rapid grocery delivery turf.
The money is an extension of a $200 million Series E round in February. The latest funding puts the company at a valuation of $4.35 billion, with more than $1 billion raised since it was founded in 2012. The company claims most of that funding hasn’t been spent yet.
Instacart said it plans to use the round to double its staff and expand its footprint across North America.
Since the announcement of Amazon’s blockbuster acquisition of Whole Foods last year, grocers reckoning with the alliance have been driven in to the arms of Instacart. Instacart has signed up the top five grocers in the U.S.: Albertsons, Kroger, Publix, Ahold and H-E-B, and it recently landed a partnership with Sam’s Club. That could open the door for two of Amazon’s chief competitors in different arenas — Instacart and Walmart — to team up.
One partnership that is up in the air is Instacart’s deal with Whole Foods. Whole Foods is an Instacart investor, and the two companies had an exclusive delivery deal that reportedly has several years remaining. But Amazon recently started a grocery delivery service from Whole Foods locations in select cities.
Speaking at the 2017 GeekWire Summit, Instacart’s CEO Apoorva Mehta said the Amazon-Whole Foods megadeal has been a “blessing in disguise” for his company.
“At this point retailers are coming to us,” Mehta said. “When the Amazon/Whole Foods announcement happened, essentially every major grocery retailer in the country had an emergency board meeting and right after that board meeting they called us.”