News

Amazon nemesis strives for funding to avoid being broke as 2016 dawns

Jet.com hopes to pull in $550 million investment to keep the lights on.

November 10, 2015

Startup online retailer Jet.com, which came out of the ecommerce gate a few months ago with all intentions to take down Amazon.com, is reportedly scrambling to raise investment funds to avoid running out of money by year’s end.

The quest, according to a Wall Street Journal article, is to cement a $550 million check. The WSJ report states Jet.com will burn through its current $63 million and needs about $76 million in its coiffeurs through the end of 2015.

Reportedly Fidelity Investments is first in line to support the start-up with a $90 million investment.

Jet.com launched several months ago and initially planned on making money through an annual membership, similar to Amazon’s Prime service, but costing half the price. It recently stated it was eliminating the membership strategy and said it plans to succeed by offering products somewhere between 4 percent and 5 percent cheaper than leading etailer Amazon.