Instacart taps Goldman Sachs banker as CFO ahead of expected 2021 IPO

SectorFinancial Services
CountryMiddle east

Ahead of its anticipated 2021 IPO, Instacart said Thursday it has named Goldman Sachs' lead internet banker as its next chief financial officer. Nick Giovanni, currently head of Goldman Sachs' technology, media and telecom group, will join Instacart on Jan. 27, succeeding Sagar Sanghvi, who has been the start-up's CFO for the last five years. Instacart has become one of the most valuable private companies in the U.S over the last year. A fundraising round in 2020 more than doubled its valuation from the beginning of the year to $17.7 billion. It's now one of the most anticipated initial public offerings of 2021, following high-profile tech unicorn IPOs for Airbnb and DoorDash in 2020.

Goldman Sachs is reported to lead the IPO and could value the grocery delivery app at around $30 billion.Giovanni served as a lead advisor on some of the hottest tech deals over the last few years including IPOs for Airbnb and Doordash, Slack's direct listing and Dragoneer's SPAC. Giovanni has served as an advisor to Instacart since 2015 in his role at Goldman, leading several funding rounds and key transactions.He's the latest Goldman Sachs executive to depart the bank for a senior position at a client. Anthony Noto was more...