Business & Tech
Hoboken's 'Jet' Gets $500 Million Funding Influx: Report
You know your business venture is high-stakes when your company has raised millions of dollars of capital... again.
You know your business venture is high-stakes when your company has raised capital that reaches into the multi-million range… again.
Hoboken-based online retailer Jet.com has raised $500 million in its latest round of venture capital funding, Fortune.com reported.
The round of funding – reportedly led by Fidelity – valued Jet.com at $1 billion excluding the funding.
Find out what's happening in Hobokenfor free with the latest updates from Patch.
The latest round of capital comes after Jet.com received $140 million round of financing in late April, including a large contribution from multi-national Chinese powerhouse Alibaba Group.
- See related article: Montclair-Based Company Gets Large Cash Influx from Chinese Investors
Lore, who sold his company, Quidsi - the producer of Diapers.com – to Amazon for $550 million in 2010, has stated that he plans to take on Amazon for a share of the online wholesale shopping market.
Find out what's happening in Hobokenfor free with the latest updates from Patch.
- See related article: Jet.com’s 2nd Best Seller Is Toilet Paper
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
