Jet.com is an e-commerce marketplace that set out to compete with Amazon. It generated significant pre-launch buzz and raised capital aggressively before debuting as one of the largest online marketplaces. The company has made changes to its business model, including dropping a yearly membership fee, which has drawn criticism and confusion from some observers. Operational metrics cited in the article show gross merchandise volume of $33.2M in October, a 65% increase from September. Financially, Jet has raised a fresh $350M with verbal agreements for an additional $150M and had previously raised $140M in February; the article implies a post-infusion investor valuation of about $1.35B (the firm was said to be $1.0B pre-infusion and $600M in February). The piece closes by noting that, with this capital, “now it’s time to put more points on the board.” Jet is an e-commerce startup that says it delivers radical price innovation by dynamically adjusting prices in real time based on a shopper's basket. The company guides customers toward orders that are economically more efficient to fulfill and says it profits primarily from an annual membership fee. Because Jet only profits from membership fees, it claims the full benefit of operational efficiency is passed back to customers as lower prices without sacrificing service or experience. The startup raised an additional $140 million to help pursue its pricing strategy and better undercut competitors like Amazon. Co-founder Marc Lore described the companys basket-based pricing model in detail to TechCrunch. The Wall Street Journal reported the new round would bring Jet's valuation near $600 million. Jet.com is a stealth ecommerce startup based in Montclair, New Jersey. The company plans to launch its product in 2015 and is actively hiring technology staff, particularly iOS and Android developers. Financially, Jet.com raised $20M in new venture capital funding in the most recent round. It also secured a $5M facility from Silicon Valley Bank. Prior to this financing the company had raised $55M from New Enterprise Associates, Bain Capital Ventures, Accel Partners and MentorTech Ventures. The company remains in stealth as it builds toward its planned product launch. Jet is an e-commerce startup focused on building a new, technology-driven shopping experience. The company says it will make use of the latest advancements in technology to empower customers. Jet aims to bring unprecedented transparency and efficiencies to the overall e-commerce market. It positions its work as transforming the customer experience in ways not previously possible. Jet is based in New York, NY. The company recently completed a $55M Series A financing led by NEA with participation from Accel Partners, Bain Capital Ventures and MentorTech Ventures.

Total raised

$570M

Funding rounds

5

Latest round

Equity

Latest activity

Nov 2015