The ecommerce space startup Jet has raised a mammoth $140 million investment recently which has pushed the total investment in this venture to more than $220 million.
This was the third round of investment for this emerging e commerce giant. So far, fourteen investors have shown confidence in the business model of Jet and more are likely to come forward in the next round.
Some of the investors of Jet include New Enterprise Associates, Silicon Valley Bank, Temasek Holding, Goldmann Sachs and many more.
Jet is basically a member only shopping club that offers a wide range of items at highly affordable prices. The setup was founded by Marc Lore who earlier founded Diapers.com and is ready to pose a straight challenge to the e commerce giant Amazon.com.
The launch of the site is just around the corner and it aims to apply the wholesale model for the online ordering. Unlike other e-retailing giants, in Jet you need to pay a certain annual fee to access the site however once you become a member, you will get products at a quite cheaper rate as compared to other discounted ecommerce site.
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The founders are confident of the success of the site and so far have been successfully in attracting investors too.