Super-trendy e-commerce site Jet has raised an additional $140 million in funding. In an email to TechCrunch, the company confirmed that it has pulled in a new round led Bain Capital Ventures, with additional participation from Accel Partners, Coatue, General Catalyst, Goldman Sachs, Google Ventures, MentorTech Ventures, NEA, Norwest Venture Partners, Silicon Valley Bank, Temasek, Thrive Capital and other investors.
In an accompanying press release, the startup said the funding will help Jet “deliver on our core promise of radical price innovation in e-commerce.” In other words, they now have more room to undercut Amazon and other sites on price.
Here’s how co-founder Marc Lore describes Jet’s model for cutting prices:
Jet is able to dynamically adjust prices in real time in response to the unique composition of a shopper’s basket, always maximizing for cost-savings. Customers are seamlessly guided towards orders that are economically more efficient to fulfill. And because Jet only profits off the annual membership fee, the full benefit of that efficiency gets passed back to customers in the form of lower prices. Best of all, customers save without having to sacrifice service or experience.
On Wednesday, the Wall Street Journal reported that the new round would bring Jet’s valuation near $600 million.