Instacart valued at $7.6 billion in crowded grocery delivery market

The grocery-delivery service Instacart said Tuesday it has raised $600 million in fresh capital, bringing its valuation to $7.6 billion.

Led by the hedge fund D1 Capital — which was one of the largest hedge fund launches of 2018 — the investment reflects confidence that Instacart can compete in an increasingly competitive grocery delivery market as consumer trips to brick-and-mortar storefronts decline. 

Instacart, which launched in 2012 and is not yet profitable, has attracted investor...

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