Grocery delivery company Instacart is now valued at $7bn

Grocery delivery company, Instacart, announced that it has raised $600mn during its latest funding round, led by D1 Capital Partners.

The investment raises Instacart’s valuation to $7.6bn, up 75% in six months.

Instacart said that it expects to use the new capital to further its expansion in the North America market, to boost awareness of Insacart at its retail partners’ stores and to recruit engineering and product development talent.

“The U.S. is nearly a $1 trillion grocery market, and last year we saw almost every major grocer in North America bring their delivery business online in a significant way,”  said Apoorva Mehta, CEO and founder of Instacart.

“We believe we’re in the very early stages of a massive shift in the way people buy groceries and we expect that one in five Americans will be shopping for their groceries online in the next five years.

“We’re excited to partner with D1 Capital on this investment, which is a testament to the growth we’ve seen and our ambitious plans for the future.”