Instacart co-founder launches hedge fund backing AI agents
Instacart co-founder Apoorva Mehta has launched a hedge fund called Abundance that uses AI agents to make investment decisions, aiming to eventually fully automate portfolio management. The Palo Alto-based firm, which has raised $100 million in seed funding, currently trades its own capital with a small team of AI and quantitative experts. While some strategies still involve human input, many aspects of research, trade idea generation, and execution are already automated. Abundance plans to accept external investors and expand into additional asset classes in the future.
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News Instacart co-founder launches hedge fund backing AI agents over portfolio managers Abundance’s longer-term aim is to move towards AI systems managing investment decisions across the portfolio on their own. Kuldeep Jha April 27, 2026 Share Copy Link Share on X Share on Linkedin Share on Facebook Abundance has raised $100m in seed equity financing. Credit: metamorworks/Shutterstock.com Apoorva Mehta, who co-founded Instacart, has set up a hedge fund designed to run much of its investing through AI rather than traditional portfolio managers, Bloomberg reported. The firm, Abundance, is based in Palo Alto, California. It was started last year.
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