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Morning Brief: Tiger Crowd Goes Shopping at Instacart

Tiger Cub Philippe Laffont’s Coatue led the online delivery service’s latest funding round.

Instacart closed on its latest $150 million funding round. The Series E financing, which brought in a total of $350 million, was led by Tiger Cub Coatue Management. Other participants include Glade Brook Capital, headed by Tiger Grandcub Paul Hudson. This brings the valuation of the online-enabled grocery delivery service to $4.35 billion, according to the company. It has raised more than $1 billion since its founding in 2012. One early investor was Chris Hansen’s Valiant Capital Partners, another Tiger Grandcub. It invested more than $38 million in the company in December 2014. At year-end its internal rate of return was 13 percent. It invested another $1 million in March 2017.


Starboard once again trimmed its stake in Depomed, to 7.5 percent. Shares of the specialty pharmaceutical company have roughly halved since it reached a settlement with the activist hedge fund in late March 2017. The stock is also down about one-third since their amended cooperation agreement on July 14.


Light Street Capital Management said that as of March 27 it owned about 1.7 million shares of Gridsum Holding, or 5.5 percent of the provider of cloud-based data analysis, according to a regulatory filing. It did not own any shares of the company at the end of the fourth quarter.


Adage Capital Partners said in a regulatory filing it owns one million shares of Zosano Pharma Corporation, or 8.35 percent of the clinical-stage biopharmaceutical company. It did not hold a position in the stock at year-end.

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