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Instacart Valued at $2 Billion in New $220 Million Fundraising

Instacart Inc. raised new financing at a $2 billion valuation, according to a person close to the startup, adding to the grocery-delivery service’s cash pile as it plans to expand to new U.S. cities.

The valuation is attached to a $220 million fundraising led by venture capital firm Kleiner Perkins Caufield & Byers. Comcast Ventures, Dragoneer Investment Group, Thrive Capital, Valiant Capital and existing investors Andreessen Horowitz, Khosla Ventures and Sequoia Capital also participated in the funding round.