US-based e-commerce company Jet has raised $140m in a series B round backed by Google Ventures, the corporate venturing arm of internet company Google, Techcrunch reported earlier today.
The round was led by Bain Capital Ventures and also featured investment firm Goldman Sachs, Accel Partners, Coatue, General Catalyst, MentorTech Ventures, New Enterprise Associates (NEA), Norwest Venture Partners, Silicon Valley Bank, Thrive Capital and Temasek, the sovereign wealth fund of Singapore.
Jet previously closed an $80m series A round. The series A round consisted of a first tranche of $55m raised in July 2014 from NEA, Accel, Bain and Mentor Tech as well as a second tranche of $20m in growth capital from Western Technology Investments and $5m in asset-backed facility from Silicon Valley Bank raised in September 2014.
Jet was co-founded by Marc Lore, who sold his previous e-commerce company Quidsi to online retailer Amazon for $550m in 2010.
The series B round values the company, which aims to take on industry giant Amazon with a members-only shopping club, at $600m.
Lore said: “Jet is able to dynamically adjust prices in real time in response to the unique composition of a shopper’s basket, always maximising for cost-savings. Customers are seamlessly guided towards orders that are economically more efficient to fulfil.”