Tuesday, October 26, 2021

Former Instacart CFO Sagar Sanghvi Joins Accel as Newest Partner – TechCrunch

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InstacartCFO Sagar Sanghvi left the on-demand grocery delivery company after nearly six years and is returning to his investment roots. Specifically, Sanghvi has joined Speed ​​up as a partner focused on global business and consumer investments in growth stage.

Prior to becoming Instacart’s CFO, Sanghvi served as the company’s vice president of finance and strategy. Interestingly, when he became Instacart’s CFO in 2019, he was succeeding Ravi Gupta, who left the company. to join Sequoia Capital as a partner in your growth team.

Sanghvi and Gupta worked together as investors in KKR (after Sanghvi had worked as an analyst for Goldman Sachs), so it is notable that they are following similar career paths of first working in finance and then becoming traders before transitioning into venture capital roles. They both joined Instacart in 2015. And Gupta is the one who introduced Sanghvi to Accel. Miles Clements years ago.

When Sanghvi joined Instacart, it had approximately 300 employees. By the time he left earlier this year, he was over 1,500.

“I’ve been through a roller coaster of ups and downs along the way. It was the classic Silicon Valley ride. During the time I was there, some crazy things happened, ”he told TechCrunch. “Amazon bought whole foods. We experienced the COVID pandemic and lockdowns, which led to an incredible wave of demand. It was an interesting time to navigate the company. “

And while Sanghvi says he would definitely prefer a business to be smaller “than COVID happening to the world,” it was a time when he learned a lot to help grow the company.

One of the things Sanghvi worked on during his time at Instacart was a $ 200 million venture round in October 2020 that valued the company at $ 17.7 billion. (It has since raised another $ 265 million with a valuation of $ 39 billion.) In fact, during his tenure, the company raised more than $ 2 billion.

But now, Sanghvi will be the one to invest in the rounds of other companies, from Accel’s office in Palo Alto.

While his Instacart experience is clearly relevant to the consumer space, Sanghvi said he will be working not only with consumer-centric startups, but many business solutions as well.

“One of the things that attracted me to Miles and the team was the experience and success that Accel has had as a company investing in all different types of companies within the technology sector, so I look forward to diversifying my experience.” he told TechCrunch. .

Clements praised what he described as Sanghvi’s “humility and versatility.”

“He has done everything from raising $ 2 billion of capital to being in the minutiae of evaluating back office automation software. He has run a company that is on the way to becoming an iconic consumer brand, but he has also been a media investor in KKR, “said Clements. “It guided Instacart through some recent massive fundraisers, but only because it also helped navigate through some previous existential challenges. So it brings a lot of natural empathy to founders and entrepreneurs. “

For his part, Sanghvi is eager to start investing as part of the Accel team.

When he decided to move into the corporate world, he said, he was looking for a “very well known brand” that would invest in all stages. He found that in Accel, he said.

“One of the things that was important to me was finding the kind of people who really cared about the success of companies, and in every person I met at Accel, I could see that they took that responsibility very seriously,” he said. Sanghvi to TechCrunch.

He officially started in his new role last week, so he is actively analyzing investments as I write.

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