Sequoia Funds Lock Up 18.6 Million Instacart Shares Behind DoorDash's Takeover
Six Sequoia entities agreed to vote for the merger and not to transfer shares until stockholders adopt it or the agreement ends.
Sequoia-affiliated funds that may be deemed to hold 18,596,961 shares of Maplebear, about 7.9% of the company, have committed to vote them for DoorDash's takeover of the Instacart operator, according to an ownership amendment filed Friday by SC US (TTGP).
A voting pledge and a transfer lockup
Six Sequoia entities signed a voting and support agreement with DoorDash at the same time Maplebear signed its merger agreement on October 28. They are SC GGF III, SC US/E Expansion Fund I, SC US/E Expansion Fund I MGMT, SCGGF III - U.S./India Management, SCFP and SCF. They agreed to vote all the Maplebear shares they beneficially own in favor of adopting the merger agreement, and on certain other matters the agreement covers.
They also agreed not to transfer the shares, or enter certain other transactions in them, until stockholders adopt the merger or the voting agreement terminates, with exceptions. That lockup ends with the stockholder vote.
The filing says the reporting persons made no trades in the stock in the past 60 days. It is Amendment No. 10 to a Sequoia ownership filing first made on February 27, 2024.
Who holds what
SC US (TTGP), the general partner of four of the Sequoia management entities, carries the combined 7.9% stake, calculated on 236,498,351 shares outstanding as of October 23, 2026. Sequoia Capital Fund Management accounts for 13,877,724 shares, or about 5.9%, and SCF alone holds 12,114,227, about 5.1%. The other holders each sit at 1.3% or less.
The filing says the reporting persons may be deemed a group, and that each disclaims ownership of shares beyond what it actually has voting or dispositive power over.
The $17 billion deal behind it
DoorDash agreed to buy Maplebear, which does business as Instacart and makes technology for grocery ordering, delivery and pickup, for $65.00 per share. The price values the company at about $17 billion, and at least 75% of the consideration is cash. The companies say it is a 26% premium to Instacart's October 22 closing price, and the board approved it unanimously.
Instacart separately suspended its guidance and cancelled its earnings call because of the pending deal. Its market value was $13.5 billion in Friday's report.
The Maplebear stockholder vote on adopting the merger agreement is the event that frees Sequoia's shares from the lockup.
Sources
- SCHEDULE 13D/A — SC US (TTGP), LTD. ("SC US (TTGP)") re: Maplebear Inc. (CART) — SEC EDGAR
- DoorDash to Acquire Instacart to Help Local Stores Win — businesswire.com
- Instacart Announces Third Quarter 2026 Financial Results — prnewswire.com
More on Instacart (Maplebear)
- Instacart Tells Staff Its $17 Billion DoorDash Deal Won't Close Until 2027 Or 2028
- Instacart Owes DoorDash $650 Million If It Takes A Better Bid; DoorDash Owes $1.25 Billion If Regulators Block The Deal
- DoorDash Agrees To Buy Instacart For About $17 Billion, With A $1.25 Billion Regulatory Breakup Fee
