Jet, a Montclair, NJ-based stealth e-commerce startup, raised $140m in funding.
The round was led by Bain Capital Ventures with participation from Accel Partners, Coatue Management, General Catalyst Partners, Goldman Sachs, Google Ventures, MentorTech Ventures, New Enterprise Associates, Norwest Venture Partners, Silicon Valley Bank, Temasek, Thrive Capital and others.
The company intends to use the funds to continue to expand operations.
Led by founder and CEO Marc Lore, Jet eCommerce is an ecommerce marketplace that works as a members-only shopping club with millions of items from small businesses and startups. It uses a dynamic pricing engine to match each shopper’s cart to the best-value retailers based on variables such as customer location, cart value, shipping times and return options.
Membership costs $49.99 per year.