E-commerce platform Jet has just raised $350 million in a fresh round of funding. According to Re/code’s Jason Del Rey, that places the company squarely in the unicorn club with a valuation of $1 billion.
Jet has raised $570 million since its founding last year, and CEO Marc Lore tells Del Rey that it already has “verbal agreements” for another $150 million in funding.
The company has failed to gain massive traction and some analysts have questioned whether its model, which has already ditched a pay-to-play structure, can actually compete against the likes of Amazon and Walmart.
It was only a few months ago that The Wall Street Journal reported Jet desperately needed more funding. In October, it was reported that the company only had $63 million left in the bank.
While Jet started as a membership-based club with 10% to 15% discounts, it has since dropped the membership and reduced discounts to 4% and 5%.
Jet announced sales of $33.2 million in October with a projected annualized GMV run-rate of $500 million by the end of 2015.
The e-commerce platform has also announced that it will convert $130 million in convertible financing from February into Series B equity, bringing the total expected Series B equity round to $630 million.