Goodnow Investment Group Boosts Stake in Instacart as Brands Compete for Digital Shelf Space

What happened

According to a recent SEC filing, GOODNOW Investment Group, LLC added 131,723 shares of Maplebear (CART +3.56%) during the fourth quarter of 2025. The value of the position at quarter-end increased by $16.17 million, which includes both the new shares acquired and changes in the underlying stock price.

What else to know

The fund raised its investment in CART, which now represents 5.78% of 13F AUM

Top holdings after the filing:

• NYSE:CVNA: $299.67 million (28.0% of AUM)
• NYSE:GDDY: $92.04 million (8.6% of AUM)
• NASDAQ:EXPE: $74.53 million (7.0% of AUM)
• NYSE:W: $63.55 million (5.9% of AUM)
• NYSE:APTV: $57.25 million (5.3% of AUM)

As of February 16, 2026, shares were priced at $36.30, down 27.4% over the past year and lagging the S&P 500 by 39.18 percentage points

Company overview

Company snapshot

Maplebear, doing business as Instacart, provides online grocery shopping services to households in North America. Maplebear provides online grocery shopping and delivery services, connecting consumers with personal shoppers for food, alcohol, consumer health, pet care, and ready-made meals.

The company leverages a two-sided marketplace to connect consumers with personal shoppers, enabling rapid fulfillment of a wide range of household needs.

The company operates through a mobile application and website, facilitating rapid fulfillment of household needs.

What this transaction means for investors

Maplebear, known to consumers as Instacart, operates at the intersection of grocery retail, logistics, and digital advertising. The platform connects households with local grocery stores and uses independent shoppers to fulfill and deliver orders. While online grocery demand surged during the pandemic, it has since stabilized as shoppers return to stores. As a result, investor focus has shifted from delivery growth to the marketplace’s underlying economics.

Many investors overlook that Instacart’s profitability now relies more on advertising than delivery fees. Consumer packaged goods companies pay to promote products within the app, placing sponsored listings in search results and product pages where shoppers make purchasing decisions. These placements reach customers at the point of purchase, so brands view Instacart as a digital shelf within grocery retail. Advertising offers significantly higher margins than delivery services, making it essential to earnings.

For investors, the key question is whether Instacart can strengthen its position in the grocery ecosystem. As more retailers join the platform and brands increase marketing spend, advertising inventory grows with transaction volume. If this trend continues, Instacart will rely less on delivery economics and gain value as a technology and advertising platform integrated into everyday grocery spending.