Grocery delivery firm Instacart raised its internal valuation to nearly $12B in late February, up 18% from its previous valuation of $10B, sources informed CNBC.
The move is a turnaround for the firm, which slashed its internal stock
prices four times last year. Despite the bump, internal stock prices
are still down 70% from their peak valuation of $39B in March 2021.
- Instacart's valuation hike was confirmed at its 409a valuation appraisal conducted by third-party agencies.
- The firm was able to increase its valuation after posting strong financial results from December 2022 to February 2023.
- Instacart is eyeing a public listing to give investors a chance to exit their investments but is waiting for the IPO window to open up.
- Investors,
including Andreessen Horowitz, Sequoia Capital, Capital Group, and
others, have invested $2.5B into the firm to date.
- Its current valuation of $12B represents a 4.8 multiple over its last year's revenue of $2.5B.
