Accel Adds Former Instacart CFO Sagar Sanghvi to Investment Group

Former Instacart CFO Sagar Sanghvi is now part of the Accel investment team, according to a blog post on the company’s website on Friday (Sept. 17).

“We have never been more excited about the tremendous opportunities to create transformational companies, as we continue to participate in the mass digitization of the global economy,” Accel partners wrote in the blog post. “Yet for entrepreneurs today, the pressure of scaling a business has never been more acute: Competitors are well-funded and moving fast, acquisition channels are congested [and] talent markets are tighter than ever,” according to the blog post. “Against that backdrop, the steady advice of an experienced and credible operator can bring clarity and relief. In Sagar, founders will find a true partner in the company-building journey.”

Sanghvi oversaw Instacart’s growth from 300 to more than 1,500 employees and its expansion to more than 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 think his humble demeanor and empathy for entrepreneurs will make him the perfect addition to our family,” said the blog post says, noting that Sangvhi will oversee global investments in growth-stage consumers and enterprise customers.

“What we admire most about Sagar is his versatility: While he’ll certainly be a resource to anyone scaling a marketplace business, managing hypergrowth or building a consumer brand, he is equally credible to teams focused on back-office automation, standing up payments solutions, managing risk and fraud, and beyond,” the partners wrote.

Related: Accel Leads Xendit’s $65M Fundraise for Southeast Asia’s Digital Payments

In March, Accel led a Series B fundraising round for digital payments infrastructure firm Xendit that brought in a total of $64.6 million. The money will be used to help the company grow its platform in Southeast Asia.

“Xendit has quietly built a modern digital payments infrastructure that’s transformed how Southeast Asian businesses transact,” said Ryan Sweeney, partner at Accel, at the time of the investment. “Their team’s combination of deep local expertise and global ambitions means they’re uniquely positioned to do what no other company could do in the region.”