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Instacart In Talks to Raise About $400 Million

CEO said a year ago he didn't expect to seek a new round of funding.
InstaCart employees fulfill orders for delivery at the new Whole Foods store in downtown Los Angeles, Calif.

InstaCart employees fulfill orders for delivery at the new Whole Foods store in downtown Los Angeles, Calif.

Photographer: Patrick T. Fallon/Bloomberg

Grocery-delivery startup Instacart is said to be in talks with investors to raise about $400 million, more than two years after its last major round of funding.

The new funding would value the San Francisco company at $3 billion, according to people familiar with the matter. The startup, which uses workers to pick groceries off the shelves of stores such as Whole Foods and deliver them to customers' doorsteps, previously raised funding in January 2015 at a $2 billion valuation. Sequoia Capital, which already has a stake in Instacart, is likely to lead the round, one of the people said.