Sagar Sanghvi Joins Accel as Newest Partner

Former Instacart CFO Joins Accel as a Partner

Sagar Sanghvi, formerly the chief financial officer of Instacart, has transitioned from the on-demand grocery delivery service after a tenure of almost six years. He is now returning to the field of investment, specifically by accepting a position as a partner at Accel.

Focus on Growth-Stage Investments

Sanghvi’s role at Accel will center on investments in global, growth-stage companies within both the consumer and enterprise sectors. Prior to his CFO position at Instacart, he held the role of vice president of finance and strategy at the same company.

A Career Path Echoing a Former Colleague

Interestingly, Sanghvi succeeded Ravi Gupta as CFO of Instacart in 2019. Gupta subsequently moved to Sequoia Capital as a partner within their growth team. Both Sanghvi and Gupta previously worked together as investors at KKR, following Sanghvi’s initial role as an analyst at Goldman Sachs.

This shared history highlights a common trajectory: experience in finance, followed by operational roles, and ultimately a move into venture capital. Both individuals initially joined Instacart in 2015.

Instacart’s Growth During Sanghvi’s Tenure

When Sanghvi initially joined Instacart, the company employed around 300 individuals. By the time of his departure earlier this year, the workforce had expanded to over 1,500 employees.

Navigating a Period of Significant Change

“My time there involved a considerable amount of both successes and challenges – a typical Silicon Valley experience,” Sanghvi shared with TechCrunch. “Significant events occurred during my tenure, including Amazon’s acquisition of Whole Foods and the unprecedented demand surge brought about by the COVID-19 pandemic and associated lockdowns.”

While acknowledging the difficulties, Sanghvi expressed a preference for sustainable growth over pandemic-driven spikes. He emphasized the valuable lessons learned during this period of rapid expansion.

Significant Fundraising Rounds

During his time at Instacart, Sanghvi played a key role in securing a $200 million venture round in October 2020, which valued the company at $17.7 billion. This was followed by another funding round raising $265 million at a $39 billion valuation.

In total, the company raised over $2 billion in funding during his leadership.

Transitioning to Accel

Now, Sanghvi will be directing his expertise towards investing in other companies, operating out of Accel’s Palo Alto office.

Broad Investment Scope

Although Sanghvi’s experience at Instacart is particularly relevant to the consumer market, he will be involved with investments in both consumer-focused startups and enterprise solutions.

“What attracted me to Miles and the team was Accel’s proven track record of success investing in a diverse range of technology companies, and I’m eager to broaden my investment experience,” he explained to TechCrunch.

Accel’s Perspective

Miles Clements of Accel lauded Sanghvi’s humility and versatility. He highlighted Sanghvi’s comprehensive skillset, ranging from capital raising to evaluating software solutions.

“He has guided a company poised to become a leading consumer brand, while also possessing experience as a media investor at KKR,” Clements stated. “His ability to navigate both significant fundraising rounds and existential challenges provides him with a unique level of empathy for founders and entrepreneurs.”

Looking Ahead

Sanghvi expressed his enthusiasm for beginning his investment work with the Accel team.

In seeking a new role, he prioritized a “well-established brand” that invested across various stages of company development, a characteristic he found in Accel.

“A key factor for me was finding individuals genuinely committed to the success of the companies they invest in, and every person I met at Accel demonstrated that dedication,” Sanghvi told TechCrunch.

He commenced his new position last week and is currently evaluating potential investment opportunities.