Instacart, a service that allows consumers to order fresh groceries online from a variety of stores with a predetermined delivery time, is in talks to raise another $400 million in funding that would value the San Francisco based company at $3 billion, according to an article from Fortune.
Instacart last raised money in January 2015, when the company closed a $220 million round of Series C financing led by Kleiner Perkins Caufield & Byers. Other participants in the round included Comcast Ventures, Dragoneer Investment Group, Thrive Capital, Valiant Capital and previous investors Andreessen Horowitz, Khosla Ventures and Sequoia. The funding brought the total money the company had received from outside investors to $275 million.
At that time, Instacart said the funds would be used toward category expansion, continued geographic growth and technology enhancements.
Instacart has not released any details of the latest round of financing, according to Fortune.
Instacart is partners with a variety of companies such as Coscto, Publix, Target, Whole Foods Market for distribution of a range of products, including bread, tortillas, buns, rolls and desserts.
For more on the service, visit the company’s website.