Startup operation
Jet.com has received $25 million in funding from investors. The company, which aims to disrupt ecommerce and provide competition for Amazon and other shopping website providers, has to date received $55 million in investment. The bulk of this investment was provided by angel companies including MentorTech Ventures, Accel Partners, Bain Capital Ventures and New Enterprise Associates. To date, Jet.com is not operational, and its website merely suggests "coming in 2015".
Jet.com has been set up by Marc Lore. Less than 12 months ago Mr. Lore was an Amazon employee. He is noted for selling Quidsi (the parent company of Diapers.com) to Amazon for more than $500 million. The value added for the new shopping site is likely to be that it undercuts the prices of Amazon and similar sites. Two of Quidsi co-founders are also involved in the project - Nathan Faust and Mike Hanrahan.
"As we all know, e-commerce has come a long way in just two decades, altering our expectations around price, selection and service," suggested Lore on his Tumblr account. "We now expect the lowest prices, infinite selection and overnight delivery right to our doorstep. This transformation in customer experience is undeniable and, at the same time, I believe there is still a massive opportunity for innovation".
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