Instacart valued at $4.35 billion after latest funding round

(Reuters) - Grocery delivery startup Instacart said on Thursday it had closed its series E financing round of $350 million, bringing the company’s valuation to $4.35 billion.

The San Francisco-based company — that shops for and delivers groceries from about 200 retailers including Target Corp and Costco Wholesale Corp — said it would use the capital to double the size of its team and expand its reach across North America.

Instacart said it would also focus on investing in new products and services.

The company’s app allows shoppers to order groceries that are delivered on the same day and makes money through delivery fees, promotions and coupon deals it has with a number of brands.

Reporting by Nivedita Balu in Bengaluru; Editing by Shounak Dasgupta