US-based e-commerce platform Jet, backed by diversified conglomerate Alphabet, is in the process of raising $500m for its series C round led by financial services conglomerate Fidelity, Fortune reported yesterday.
The round is not closed and is expected to attract additional investors. Jet is said to have reached a pre-money valuation of $1bn.
Jet operates an online store that aims to undercut prices of competing shops by partnering directly with stores such as Toys R Us or Barnes and Nobel for local inventory. Jet automatically adjusts the supplier depending on which one can most efficiently fulfil the order.
Google Ventures, the corporate venturing arm of Alphabet, and Norwest Venture Partners, the venture capital affiliate of financial services firm Wells Fargo, participated in a $140m series B round in February 2015.
That round was led by Bain Capital Ventures and also included investment firm Goldman Sachs as well as Accel Partners, Coatue, General Catalyst, MentorTech Ventures, New Enterprise Associates (NEA), Silicon Valley Bank, Thrive Capital and Temasek, the sovereign wealth fund of Singapore.
The company earlier obtained $80m in series A funding. The round reached a first close of $55m in July 2014 featuring NEA, Accel, Bain and Mentor Tech before adding a $20m extension from Western Technology Investments and $5m in asset-backed facility from Silicon Valley Bank in September 2014.