Former Instacart CFO Sagar Sanghvi is now part of Accel’s investment team, according to a blog post posted on the company’s website on Friday (September 17th).
“We have never been so excited about the tremendous opportunities to build transformational businesses, as we continue to participate in the mass digitization of the global economy,” Accel partners wrote in the blog post. “Yet for today’s entrepreneurs, the pressure to scale a business has never been greater: Competitors are well funded and evolve rapidly, acquisition channels are congested. [and] talent markets are tighter than ever, ”according to the blog. “In this context, constant advice from an experienced and credible operator can bring clarity and relief. In Sagar, the founders will find a true partner in the process of starting a business.
Sanghvi oversaw the growth of Instacart from 300 to over 1,500 employees and its expansion to over 85% of North American households, during which the company raised $ 2 billion. He also helped the social media platform establish a new advertising business.
“While Sagar’s work ethic and sound economic judgment set him apart, we believe his humble demeanor and empathy for entrepreneurs will make him the perfect addition to our family,” the blog said, noting that Sangvhi will oversee the business. global investments in growth phase. consumers and corporate clients.
“What we admire most about Sagar is its versatility: while it is certainly a resource for anyone developing a market business, managing hypergrowth, or building a mainstream brand, it is equally believable to teams focused on back office automation, standing payments. solutions, risk and fraud management, and beyond, ”the partners wrote.
Related: Accel Leads Xendit’s $ 65 Million Fundraiser for Digital Payments in Southeast Asia
In March, Accel led a Series B fundraiser for digital payments infrastructure company Xendit that grossed a total of $ 64.6 million. The money will be used to help the company grow its platform in Southeast Asia.
“Xendit quietly built a modern digital payments infrastructure that has transformed the way businesses in Southeast Asia transact,” said Ryan Sweeney, partner at Accel, at the time of the investment. “The combination of deep local expertise and global ambitions of their team means they are uniquely positioned to do what no other company could do in the region. “