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November 25, 2015

Struggling Amazon competitor raises $350m in funding

News: Jet.com is struggling to make its mark in the e-commerce market.

By CBR Staff Writer

New Jersey based e-commerce company Jet.com had raised $350m in its latest round of funding, raising the company’s valuation to $1.35bn.

Earlier this month the company received $500m in investment, with Mutual-fund giant Fidelity investing around $100m.

The company did not give out the name of its investors, but in previous rounds Bain Capital Investment, Silicon Valley Bank, and Goldman Sachs were involved.

Presently, the Amazon competitor is expecting another $150m, increasing the latest round to $500m, reported The Wall Street Journal.

The company is in direct competition with Amazon.com and Wal-Mart Stores as it offers several products including household items, electronics, pet supplies and more.

While launching, the company offered a free membership trial, with users then asked to pay a $50 membership fee to continue.

However, prior to the expiry of the trial period the company remodeled its business by dropping its $50 membership fee to attract more users.

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Despite all the company’s efforts, Jet is reportedly struggling to make its mark in the market.

According to research firm App Annie, Jet’s mobile app is currently ranked 63 in the Shopping category of Apple’s App Store in the US.

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