Total amount raised
$570 Millions
Latest funding date
11/1/2015
Location
Jet has successfully raised significant funding over multiple rounds, attracting notable investors such as Alibaba Capital Partners and Google Ventures. The platform operates an e-commerce service that allows members to shop online from various retailers.
Keep reading to explore the intricacies of Jet's fundraising journey and the investors backing this innovative platform.
What Is Jet?
Jet, founded in April 2014, operates a smart shopping platform that allows users to shop for a wide range of products from various retailers. The company was established by Marc Lore, Mike Hanrahan, and Nate Faust, and is headquartered in Hoboken, New Jersey.
Jet's platform offers products in categories such as household items, electronics, groceries, and more, aiming to provide a seamless online shopping experience. The company quickly grew to employ between 1001 and 5000 people before being acquired by Walmart in 2016.
With its innovative approach to e-commerce, Jet attracted significant attention and investment, ultimately leading to its acquisition by Walmart for $3 billion. The platform's success is a testament to the vision and efforts of its founders and team.
How Much Funding Has Jet Raised?
- Series A
- Amount Raised: $55M
- Date: July 2014
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the platform and scale operations.
- Series A
- Amount Raised: $20M
- Date: September 2014
- Lead Investors: Western Technology Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and expand the team.
- Debt Financing
- Amount Raised: $5M
- Date: September 2014
- Lead Investors: Silicon Valley Bank
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expenses and initial market entry.
- Series B
- Amount Raised: $140M
- Date: February 2015
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Nearly $600M
- Motivation Behind the Round: To support the launch and operations of Jet’s online marketplace.
- Venture Round
- Amount Raised: $350M
- Date: November 2015
- Lead Investors: Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance market presence.
Total Amount Raised: $570M. Current Valuation: Nearly $600M.
Key Investors
- Fidelity
- Details: Fidelity is a multinational financial services corporation known for its investment management and financial planning services. It is one of the largest asset managers in the world.
- Investment Focus Areas: Mutual funds, ETFs, retirement services.
- Notable Investments: Amazon, Google, Facebook.
- Bain Capital Ventures
- Details: Bain Capital Ventures is a leading venture capital firm that invests in early to growth-stage companies. It is part of Bain Capital, a global private investment firm.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: LinkedIn, DocuSign, SurveyMonkey.
- Western Technology Investment
- Details: Western Technology Investment is a venture debt firm that provides capital to technology and life sciences companies. It has been a key player in the venture debt market for over three decades.
- Investment Focus Areas: Technology, life sciences.
- Notable Investments: Facebook, Google, YouTube.
- Silicon Valley Bank
- Details: Silicon Valley Bank is a high-tech commercial bank that provides various financial services to startups and growth companies. It is known for its strong focus on the innovation sector.
- Investment Focus Areas: Technology, life sciences, venture capital.
- Notable Investments: Pinterest, Fitbit, Roku.
- New Enterprise Associates
- Details: New Enterprise Associates (NEA) is a global venture capital firm that invests in technology and healthcare sectors. It is one of the world's largest and most active venture capital firms.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Robinhood, Coursera, Duolingo.
What's Next for Jet?
Jet stands at the cusp of a significant opportunity, leveraging its $140 million in new funding to enhance its price innovation strategy. This financial boost positions Jet to offer lower prices than competitors like Amazon, potentially capturing a substantial market share. The company's valuation nearing $600 million before its official launch underscores the immense growth potential and investor confidence in its business model.
Future fundraising opportunities appear promising, given the strong backing from prominent investors and the innovative pricing model. As Jet continues to demonstrate its ability to undercut competitors and grow its customer base, it is likely to attract further investment. However, challenges such as intense competition from established e-commerce giants and the need to continuously innovate its pricing technology could pose hurdles. Managing operational efficiencies will be crucial to ensure cost savings are effectively passed on to customers without compromising service quality.
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