Jet.com
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|
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Type of site
|
Subsidiary |
|---|---|
| Founded | January 2014 |
| Owner | Walmart |
| Founder(s) |
Marc Lore Nate Faust Mike Hanrahan |
| Key people |
Marc Lore (President, CEO of Wal-Mart Global e-Commerce, USA) |
| Industry | E-commerce |
| Employees | 1,000–5,000 (July 2016) |
| Website | jet |
Jet.com is an American e-commerce company headquartered in Hoboken, New Jersey. The company was cofounded by entrepreneur Marc Lore (who had sold his previous company, Diapers.com, to Amazon.com) along with Mike Hanrahan and Nate Faust, and has raised $820 million over four venture rounds from firms including Google Ventures, Goldman Sachs, Bain Capital Ventures, Accel Partners, Alibaba Group, and Fidelity. The site was publicly launched in July 2015.
It was announced on August 8, 2016, that Walmart would acquire Jet.com for $3.3 billion ($3 billion in cash and up to $300 million in stock paid out over time to the founders and other selected individuals at the company). As of September 19, 2016 (the closing date of the deal) it ceased to become an independent company, and is now a subsidiary of Walmart.
After Marc Lore sold Diapers.com to Amazon in November 2010, he speculated that users may be willing to accept longer wait times on obtaining online-purchased goods if they can save money on their purchases. He said that existing Internet retailers were catering only to wealthier customers "who care more about convenience than value". Lore initially set out to create a site that would use a fee-based membership model like Costco and Sam's Club and combine this with the broad selection of a general e-commerce retailer, somewhat like Amazon Prime but emphasizing reduced product prices for members rather than fast free shipping. He began to peddle the idea, and after lunch with a partner at Accel Ventures, Lore was promised $1 million in seed capital to start a new site. In addition to launching a site with such characteristics, Lore has said that he wanted to create a company with a culture different from what he said was a secretive and competitive culture at companies such as Amazon and Walmart. To create transparency and reduce squabbling over salaries, Lore created a 10-tier salary and title system. Recruits were assigned to one of the levels based on experience, thus eliminating salary negotiations.
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