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Crowdsourced grocery delivery company gets $44m from Andreessen Horowitz, Khosla, Sequoia

17 Jun 2014

vegetablesVenture capital major Andreessen Horowitz has led a $44m Series B financing round for crowdsourced grocery delivery service Instacart.

The company’s service provides crowdsourced ‘personal shoppers’ who buy and deliver groceries orders using their own transport in as little as an hour.

Sequoia Capital, Khosla Ventures and Canaan Partners also took part in the funding round, as did Box CEO Aaron Levie and Y Combinator president Sam Altman.

Instacart Founder Apoorva Mehta said he believes the company will be in 17 cities by the end of 2014, nearly double its original goal.

He added that the company’s revenue had grown by 15 times over the past nine months.

Andreessen Horowitz partner Jeff Jordan said, “As we think about the future of e-commerce, groceries are among the last huge untapped opportunities.

“While many have tried to crack the code, few have met with success.

“However, mobile is enabling a new way to tackle digital grocery distribution through an execution that I refer to as ‘People Marketplaces.’

“This is Instacart’s approach, and we’re betting it will be the winning play.”

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