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Food delivery startup Instacart has raised $400 million in a new round of funding led by Sequoia Capital, VentureBeat has learned. The San Francisco-based startup’s valuation has gone up to $3.4 billion, according to a source familiar with the deal. Bloomberg reported earlier on the new investment.

Founded in 2012, The Y Combinator alum has a rich history of fundraising from Sand Hill powerhouses that include Andreessen Horowitz, Kleiner Perkins Caufield & Byers, and, of course, Sequoia Capital, which led an $8.5 million investment back in 2013.

Sequoia previously tried its luck with online food delivery service Webvan. The company went public in the dot-com boom but ended up bankrupt. Now Sequoia is going all in and doubling down on Instacart. The VC firm has also backed Shanghai-based food delivery service

Sequoia declined to comment on the round. Instacart did not immediately respond to a request for comment.

Update On March 8 at 09:55 a.m. Pacific: Instacart officially confirmed it has raised $400 million in a Series D round led by Sequoia Capital. Other investors include Wellcome Trust, Y Combinator Continuity, Andreessen Horowitz, FundersClub, Khosla Ventures, Kleiner Perkins Caufield & Byers, Initialized Capital, Thrive Capital, and Valiant Capital.


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