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Jet.com Raises $140 Million to Take on Amazon

Posted on the 12 February 2015 by Worldwide @thedomains

Forbes did an article on Jet.com and them raising $140million for the launch of their ecommerce website. The company has been touted as a rival to Amazon. Jet.com founder Marc Lore knows a thing or two about Amazon as he founded Quidsi the company which Lore sold to Amazon for $550 million.

From a domaining standpoint, legendary Canadian Garry Chernoff was the owner of Jet.com for many years and sold the domain to the company.

From the article:

Jet.com has yet to sell anything, but has already raised hundreds of millions on the idea that its CEO and founder Marc Lore can reinvent retail once again.

On Wednesday, the Montclair, N.J.-based e-commerce startup announced it had obtained $140 million in a round led by Bain Capital. The news was first reported by the Wall Street Journal, which pegged the companies valuation to be nearly $600 million according to sources. The investment brings Jet’s total venture funding to about $220 million after it raised $55 million in July and about $25 million of debt financing in September.

Though the company has yet to launch, it has gained a large amount of attention, namely due to the previous success of Lore, who created Quidsi and sold it to Amazon.com AMZN +0.56% in 2010 for $550 million. Quidsi operated sites like Diapers.com, which competed fiercely with the Seattle online retailer before succumbing to competition and a subsequent acquisition.

Read the full article on Forbes


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