Jet.com, Amazon.com rival, raises $140 million in new funding

What Does Jet.com Do?

Jet.com , is an ecommerce startup founded by Marc Lore, the former founder of diapers.com. The ecommerce startup is intending to beat Amazon.com when it opens. It is a new site which is managing to get people hyped about spending money on the internet.

How much Jet.com Funded?

Jet.com plans to launch an online e-commerce market and has raised $140 million which gives the new startup a reported post money valuation of $600 million. All this and the site has not yet launched. The funded was led by Bain Capital Ventures. Other participants were Google Ventures, General Catalyst, and Norwest Venture Partners.

It has raised the $140 million in a new funding round, building its cash to take on its rival Amazon.com. Jet has previously raised $80 million to which the Bain

The financing, led by Bain Capital Ventures, adds to the $80 million that Jet previously raised. Wall Street Journal put the funding at about $600 million.

What’s Next of Jet.com?

Jet.com, the ecommerce site is yet to launch ecommerce site. It is planning to take on its rival amazon.com, find more on Amazon news.  All it has for now is the “coming soon” banner and a place to enter your email id so that you can get notified when the company is launched.

Marc Lore, said that the money will be used for expanding its operations and for building a real time trading system for the products.

More of Jet.com?

Jet.com is a web shopping service which will offer 10 million products through its online market and it claims to offer the lowest price. It will cost $50 for an annual membership, compared to the Amazon’s $99 annual price for its Prime membership.

It is to start shipping to a small group in March before it starts wider shipping in the late spring. It will have 3 warehouses nationwide to stock common household goods. The rest will be sources by 3^rd part vendors.