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Morning Markets: Instacart has hundreds of millions of dollars in new cash and billions in fresh worth. Let’s remind ourselves how we got here.

Instacart is back in the news this morning, once again for raising new funds. The popular grocery delivery service has , pushing its valuation up by several billion dollars.

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The new capital puts the firm’s recent聽fundraising into an odd focus — the prior two rounds, each coming within the last year weren’t enough?

Instacart raised $200 million in February聽of this year. The capital valued the firm at $4 billion; But Instacart wasn’t done.

A few months later, in April of 2018, Instacart , this time pushing its valuation up only by the new capital added. Therefore, the firm wrapped its Series E worth $4.35 billion, .

And now, with $600 million more, . The company, therefore, grew its pre-money valuation to around $7 billion over the course of just a few months. That’s value accretion on pace with what we’re seeing in the quickly-expanding and exuberant Chinese startup scene.

The company also raised $400 million in March of 2017. Amazon, the ecommerce giant, bought American grocery chain and Instacart partner Whole Foods in August of 2017. So, Instacart has managed to get investors to fill its tanks three times after Amazon took sharper aim at its market space.

The Bay Area-based Instacart has now .

But there may be reason behind the bullishness. As Crunchbase News reported at the time of Instacart’s early-2018 $200 million round:

“The bullish cash on the company is that it can provide the delivery layer for all grocery players that do not rhyme with聽Lamazon聽or聽Full Stoods, so far as I can make out. The bearish case, of course, is that the firm consumes too much cash chasing margins that Amazon will eventually grind to dust.

We鈥檒l see.”

And now we are. Instacart has raised enough cash this year that if it fails, I doubt even its most dedicated fans will be able to blame market conditions. At the same time, the firm has a new, larger valuation to grow into. Something that will become doubly difficult if the market turns and the great Growth v. Profit see-saw swings back towards black ink.

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