Yet to Be Launched US Based E-Commerce Store Jet Raises $140M in Funding

Image Source: Company Blog

Image Source: Company Blog which plans to launch an online e-commerce marketplace, has raised $140 million in funding at a valuation of $600 million. This new round was led by Bain Capital Ventures, with additional participation from Accel Partners, Coatue, General Catalyst, Goldman Sachs, Google Ventures, MentorTech Ventures, NEA, Norwest Venture Partners, Silicon Valley Bank, Temasek, Thrive Capital and other strategic investors.

Jet is based in Hoboken, New Jersey, had previously raised $80 million and consists of 100 people in its team. The company has plans to take on Amazon, and aims to provide a better user interface than the existing portals in the market. The firm is working on logistics network but it is still undisclosed what the site will actually sell. Its founder Marc Lore has already been up- close-and-personal with Amazon and he sold his previous company Quidsi to Amazon for $540 million in 2010.