Marc Lore, the former CEO of Diapers.com and parent company Quisdi, has raised $55 million to start a new e-commerce site, three years after he sold his online retail store to Amazon (NASDAQ:AMZN).
Once a competitor, Diapers.com was facing increased competition in 2011 from the Seattle-based retail giant. So Lore and Co-founder Vinit Bharara sold Quisdi—also responsible for Soap.com and Wag.com—to Amazon for $550 million, reported Re/code.
Back to compete again, Lore raised $55 million to build out a new e-commerce company called Jet. The investment was led by New Enterprise Associates with additional investments from Accel Partners, Bain Capital Ventures and MentorTech Ventures. Except for Bain Capital, all of the firms have previously invested in Quidsi.
Quidsi has made several brand changes since joining the Amazon team, including relaunching Vine.com to cater to shoppers with dietary restrictions that want natural and organic groceries.
Lore announced his venture to create Jet this past spring but was waiting for the non-compete clause from Amazon to run out, reported Business Insider.
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