Jet.com secures more funding to build brand

Online retailer Jet.com has secured an additional $350 million in funding and joined the ranks of startup unicorns whose valuation exceeds $1 billion.

According to Re/code, Jet.com closed on $350 million in new funding and has verbal commitments for another $150 million, meaning the company has raised $720 million, much of which will continue to be spent building the brand and convincing shoppers it offers a superior approach to online retailing.

Jet.com launched to the public in July and soon thereafter abandoned the idea of charging an annual fee of $50. CEO Marc Lore told Re/code the company’s sales in October were $33 million and that its business model is working.

To read the Re/code article, clickhere.

To view a list of the 156 private companies deemed to be unicorns because their valuations exceed $1 billion compiled by Techcrunch, clickhere.