Wiz

Instacart

Wiz

Wiz sells annual subscriptions based on the number of cloud workloads (virtual machines, containers, serverless functions) protected. Pricing scales with cloud consumption — as customers use more cloud, they pay Wiz more.

This aligns perfectly with the broader trend of growing cloud spend.

The agentless model is a key pricing advantage. Traditional security tools require installing software agents on every server, which creates deployment costs, performance overhead, and maintenance burden.

Wiz connects via API to cloud provider accounts and scans everything externally. Deployment takes minutes instead of months, which dramatically shortens the sales cycle.

ARR growth was record-breaking: $1 million within months of launch, $100 million in 18 months, $350 million by 2023, and reportedly over $500 million by 2024. No enterprise SaaS company has ever scaled this fast.

Instacart

Instacart operates as a marketplace connecting consumers with personal shoppers and grocery retailers. Revenue comes from multiple streams: delivery fees and service fees charged to consumers (typically $3.99+ per delivery), tips to shoppers (passed through, not revenue), retailer partnerships (grocers pay Instacart for access to the platform and fulfillment services), and advertising.

Advertising has become the crown jewel. Instacart Ads lets consumer packaged goods (CPG) brands like Coca-Cola, Procter & Gamble, and Nestlé pay for sponsored product placements within the Instacart shopping experience.

When someone searches for "chips," Doritos can pay to appear first. This is incredibly valuable because it's advertising at the exact moment of purchase intent.

Ad revenue was $871 million in 2023 and crossed $950 million in 2024.

The retailer partnership model is key. Unlike DoorDash or Uber Eats (which listed restaurants without permission early on), Instacart works with grocers as partners.

Over 1,500 retail banners including Costco, Kroger, Albertsons, and Publix have formal partnerships. Instacart provides the technology and shoppers.

Grocers provide inventory and stores.

Wiz

The four Wiz co-founders — Assaf Rappaport, Ami Luttwak, Yinon Costica, and Roy Reznik — had already built and sold a cybersecurity company together. Their previous startup, Adallom, was a cloud security company that Microsoft acquired in 2015 for $320 million.

After the acquisition, all four worked at Microsoft leading the Cloud Security Group.

By 2020, they were ready to leave and build again. They saw a gap in cloud security: as companies rushed workloads to AWS, Azure, and Google Cloud, security tools hadn't kept pace.

Existing solutions required installing agents on every server and generated floods of alerts that security teams couldn't process. The cloud was a mess of misconfigurations, exposed credentials, and hidden vulnerabilities — and nobody had a clear picture of it all.

Wiz launched in January 2020 — literally weeks before COVID-19 shut the world down. Instead of slowing them, the pandemic accelerated their market.

Every company on Earth was rushing to the cloud, and Wiz's agentless approach meant customers could deploy it in minutes with zero infrastructure changes. Connect your cloud account, and Wiz scans everything — VMs, containers, serverless functions, databases, identity configurations — building a complete risk map.

Instacart

Apoorva Mehta was a 26-year-old Amazon engineer in Seattle who quit his job in 2012 to start a company. The only problem: he had no idea what to build.

Over the next year, he started and abandoned roughly 20 different projects. A social network for lawyers.

A way to track restaurant wait times. Nothing stuck.

Then one day he was too lazy to go grocery shopping. He looked for a service that would shop for him and deliver everything to his door.

Nothing good existed. The existing options were grocery store delivery services that only worked during specific windows, had limited selection, and required ordering days in advance.

Mehta wanted to order groceries the way he ordered everything else online — immediately, from whatever store he wanted.

He built a prototype in 2012 and applied to Y Combinator. The demo was rough — he ordered a six-pack of beer through the app and had it delivered to a YC partner's house during the application process.

It worked. He got in.

Instacart launched in the San Francisco Bay Area in 2013 with a simple promise: order from your favorite local grocery store and have someone shop for you and deliver within an hour.

Wiz

Wiz grew through a combination of product excellence and founder credibility. The four co-founders had already sold a company to Microsoft and led cloud security there.

When they said "we built a better way," CISOs believed them because of the track record.

The product sold itself through demonstrations. Wiz's 15-minute deployment — connect your cloud account, see your risk map immediately — was the most effective sales tool.

Security vendors typically require weeks or months of setup. Wiz showed results in a single meeting.

Landing massive logos early created a cascade. Within two years, Wiz had 40% of the Fortune 100 as customers.

When one CISO at a major bank buys Wiz, every other bank CISO hears about it. Enterprise security is a trust-based market, and early customer logos created a self-reinforcing credibility loop.

Instacart

Instacart grew by solving a problem one city at a time. They launched in San Francisco, proved the model, then expanded to other major metros.

Each new market required recruiting shoppers, signing up retailers, and building enough consumer density to make the economics work.

The COVID-19 pandemic was the inflection point. Grocery delivery went from luxury to necessity overnight.

In March 2020 Instacart announced it would add 300,000 shoppers, then raised that by another 250,000 weeks later. Order volume increased 500%.

Years of planned growth happened in weeks. The pandemic proved that grocery delivery wasn't a niche — it was the future of how a significant chunk of the population would shop.

The enterprise play is the long-term moat. By providing white-label technology to grocers, Instacart becomes embedded in their operations.

Even if a grocery chain wanted to build its own delivery service, they'd need years and hundreds of millions to replicate what Instacart provides. The more deeply integrated Instacart becomes in grocery operations, the harder it is to rip out.

Wiz

The Google acquisition decision dominated 2024. Wiz turned down Google's $23 billion offer in July 2024, with Rappaport saying they wanted to pursue an IPO and build an independent company.

Then they accepted a $32 billion offer later — the largest cybersecurity acquisition in history. The deal raised questions about cloud neutrality: Wiz secures AWS, Azure, and GCP equally, but becoming owned by Google could make AWS and Azure customers nervous.

Before the acquisition, the competitive landscape was intensifying. Palo Alto Networks acquired cloud security startups aggressively.

CrowdStrike expanded from endpoint security into cloud. AWS, Azure, and Google all improved their native security tools.

Wiz's lead was real but competitors were closing in.

Instacart

The post-COVID hangover was brutal. After pandemic demand normalized, growth slowed dramatically.

The company's valuation dropped from a peak of $39 billion in early 2021 to about $10 billion at IPO in September 2023. Investors who bought at the peak saw a 75% paper loss.

The narrative shifted from "essential infrastructure" to "nice-to-have luxury."

Unit economics are perpetually tight. Paying a person to walk through a grocery store, pick items, bag them, and drive them to someone's house is expensive.

Unlike meal delivery (one restaurant, one bag), grocery delivery involves dozens of items per order, refrigeration requirements, and substitution decisions. Every order that requires a shopper to call the customer about an out-of-stock item eats into efficiency.

Amazon is the existential threat. Amazon Fresh, Whole Foods delivery, and Amazon's own logistics network represent a competitor with nearly unlimited resources and a Prime membership base of 200+ million.

Amazon has been willing to lose billions on grocery delivery to build market share. Instacart's advantage is retailer partnerships — Kroger and Publix use Instacart specifically because they don't want to help Amazon dominate grocery.

Wiz

Wiz Cloud Security Platform — the core product that provides agentless visibility across AWS, Azure, Google Cloud, and Oracle Cloud. Scans for vulnerabilities, misconfigurations, malware, exposed secrets, and identity risks.

Wiz Runtime Sensor — a lightweight agent (optional) that adds real-time threat detection to the agentless scanning foundation. Wiz Code — security scanning integrated into the developer pipeline, catching vulnerabilities before they reach production.

Wiz Defend — a cloud detection and response product that identifies and helps contain active threats in real time. Wiz Security Graph — a visual map of an organization's entire cloud environment showing how every resource connects and where attack paths exist.

Instacart

Instacart Marketplace — the core platform where consumers order groceries from 80,000+ stores for delivery or pickup, with personal shoppers fulfilling orders. Instacart+ — subscription service ($9.99/month) offering free delivery on orders over $35, reduced service fees, and credit back on pickup orders.

Instacart Ads — a retail media platform letting CPG brands run sponsored product listings, display ads, and coupons within the shopping experience. Instacart Platform (Enterprise) — white-label e-commerce technology that lets grocers build their own online ordering and fulfillment powered by Instacart's infrastructure.

Caper Cart — AI-powered smart shopping carts (from the 2021 Caper AI acquisition) with built-in screens, barcode scanners, and payment that let shoppers skip the checkout line.

Wiz

Sequoia Capital led early rounds and was the most prominent backer. Index Ventures, Insight Partners, and Greenoaks Capital participated in growth rounds.

Cyberstarts (an Israeli cyber-focused VC) was an early seed investor. Andreessen Horowitz invested in later rounds.

The final private valuation of $12 billion came in a 2024 funding round before the $32 billion Google acquisition.

Instacart

Sequoia Capital was an early and consistent backer. Andreessen Horowitz invested in growth rounds.

D1 Capital Partners led the 2021 round that valued Instacart at $39 billion. Existing investors including Valiant Capital, T.

Rowe Price, Fidelity, and Tiger Global participated across rounds. Y Combinator was the starting point (Summer 2012 batch).

The September 2023 IPO on NASDAQ priced at $30 per share, valuing the company at approximately $10 billion.