Merchant Innovation Founder Raises Big Dollars To Get Back To Competing With Amazon

The old saying goes: if you can’t beat ‘em, join ‘em. parent company (Quisidi) founder Marc Lore, who sold to Amazon for $550 M four years ago, is now looking to add a third part to that expression—then take their money and come back to try and beat ‘em again.

Lore is expected to announce a fresh round of funding for his new e-commerce start-up Jet later today (September, 17), reports The Wall Street Journal. Jet has raised $20 million from form Facebook backers Western Technology Investment and Google. Silicon Valley bank kicked in additional $5 million.

Though the specific innovation Jet plans to bring to e-commerce are not yet known, Lore has intimated that part of the new site’s pricing model will factor in data about the customer’s actual, physical proximity to the goods they are ordering—with an eye towards getting goods to buyers quicker and cheaper.

"What are the hidden costs in e-commerce? Are there aspects of e-commerce that don’t make sense? And most importantly, how do we expose these inefficiencies and empower customers to eliminate them?” Lore asked on his blog. will face strong competition for Amazon’s large and growing network of warehouses that allow them to move goods quickly and at a low cost.


The Montclair, N.J., firms is reportedly planning to launch in early 2015 and will be limited to sales in the U.S.



The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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