After slashing its private stock price four times last year, Instacart is feeling better about itself.

The grocery delivery firm, whose business skyrocketed during the pandemic but later cooled off, in late February raised its internal stock price 18% compared to December, according to a person with direct knowledge. While the company’s private share price for employees is likely still down roughly 70% from two years ago, the move could presage a bump-up in stock prices of other mature startups, which typically map their valuations to publicly traded peers.