The on-demand startup space has scored another blockbuster funding deal.
Instacart, an on-demand grocery delivery service, confirmed Tuesday that it has raised $220 million in a Series C round of funding from a list of big name VC firms. The funding values Instacart at around $2 billion, according to a source familiar with the matter
With the large cash infusion, Instacart plans to expand into new geographic markets and eventually expand into new product categories.
"Instacart's platform is very easily extensible to other things," Apoorva Mehta, founder and CEO of Instacart, said in a recent interview with Mashable. Similar to Uber, Instacart lets customers order groceries through a smartphone to be delivered quickly by couriers. Mehta declined to get specific about new product areas, but he suggested Instacart could deliver items not related to grocery stores and perhaps broaden out to more general logistics.