According to Wall Street Journal, Wal-Mart is in talks to acquire the e-commerce company Jet.com, which Lore co-founded in 2015, for up to $3 billion. Hoboken, New Jersey-based jat.com was founded in 2013 By Marc Lore a serial entrepreneur. In a short time, Jet raised more than $570M from 19 investors.
Jet.com had a dream to compete with Amazon the world’s most renowned e-commerce. It seems like Jet also wanted to compete with Costco also according to their first business model which was yearly membership process. In less than three years jet has become very well known for their pricing promise which will offer the lowest price compared to all the e-commerce company out there. Jet launched with one mission to become the smartest way to shop and save on pretty much anything.
Marc Lore CEO of Jet previously sold his startup Quidsi the parent company of a number of websites, including Diapers.com to Amazon for $545 million.
JET.COM TOTAL FUNDING: $570M IN 5 ROUNDS : [ Via Venture Pulse Data ]
|Date||Funding Amount||Funding Round||Lead VC/Investor|
|Nov, 2015||$350M||Venture||Fidelity Investments|
|Feb, 2015||$140M||Venture||Bain Capital Ventures|
|Sep, 2014||$5M||Debt Financing||Silicon Valley Bank|
|Sep, 2014||$20M||Series A||Western Technology Investment|
|Jul, 2014||$55M||Series A||New Enterprise Associates|
JET.COM ACQUISITION: (1) [ Via Venture Pulse Data ]
|Feb 28, 2016||Hayneedle||$90M in Cash|