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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.

  • By Stephen Taub

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.

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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.

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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.

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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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