Jet.com has managed to secure more than $140 million in funding, giving the startup a valuation of around $600 million, which it plans to use to launch its online e-commerce marketplace. Notice how I said it “plans” to launch the marketplace? That’s right. Jet.com managed to raise more than $140 million in funding without releasing a product.
Cue the “bubble” chatter. Jet.com, which plans to launch an online e-commerce marketplace, has raised a $140 million convertible note that gives the company a reported post-money valuation of $600 million. And it hasn’t even launched its site yet. All there is at Jet.com right now is a big “coming soon” banner, a glowing quote from Businessweek, and a place to enter your email address so you can get notified when the company does launch. The funding was led by Bain Capital Ventures, with participation from Google Ventures, General Catalyst, Norwest Venture Partners, and others.