Jet.com

In 2014, Marc Lore co-founded an e-commerce company, Jet, with Nate Faust and Mike Hanrahan.[9] The company raised a total of $80 million in Series A funding, which closed in November 2014 [9] Investors include NEA, Accel Partners, and Bain Capital Ventures.[10] In November 2014, Jet launched a campaign offering stock options to users generating word-of-mouth for the company in advance of launch.[11] In January 2015, Jet was featured in a cover story in Bloomberg Businessweek, in which it was revealed that Jet would be a shopping club in which members will pay an annual fee of $49.99 to access the lowest prices on millions of items,[12] although the membership fee was eliminated in October 2015.[13] In February 2015 Jet raised an additional $140 million in pre-launch funding from investors including Bain Capital Ventures, Accel Partners, Alibaba Group, New Enterprise Associates, and others.[14] Beta testers in May 2015 reported cheaper prices than Amazon but longer delivery times.[15] On 21 July 2015, Jet.com opened to the public

Marc Lore

Marc Lore is an entrepreneur and co-founder, Chief Executive Officer, and chairman of Jet.com, an e-commerce startup launching in 2015. Prior to Jet, Marc co-founded Quidsi, the parent company of a family of websites as Diapers.com and Soap.com, with childhood friend Vinit Bharara. The company was sold in 2011 to Amazon for $545 million.

Career

Marc has worked in the finance industry, at Banker’s Trust, Credit Suisse First Boston, and Sanwa Bank. He then embarked on entrepreneurial ventures. He was co-founder and CEO of The Pit, Inc.,[1] which he successfully sold in 2001 to the then public Topps Company. He joined the Topps Company as the Chief Operating Officer of one of its subsidiaries, Wizkids, Inc.[2]

In 2005, he and Vinit Bharara founded 1800DIAPERS, which would be rebranded as Diapers.com and fall under the parent corporation Quidsi, Inc. According to a 2009 interview, his vision for Diapers was inspired by his own family’s experience with the difficulty of keeping necessary baby-care goods in stock.[3] From 2005 to 2012 the company launched a portfolio of websites catering to families, including Soap.com and Wag.com. Lore and Bharara were successful in building a loyal customer base[4] among young parents in urban areas. To improve the economics of shipping bulky, low-margin products like diapers to their customers, they established warehouses relatively close to urban areas to take advantage of ground shipping rates,[5] instituted algorithms to minimize ship cost, and conducted warehouse operations using Kiva robots.[6] The company was sold to Amazon in 2011 for $545 million.[7] Lore then worked for Amazon for over two years.

Early life and education

Marc is a graduate of Bucknell University, class of 1993,[17] where he earned a Bachelor of Arts degree in Business Management/Economics, cum laude. He is currently on leave from the Wharton School of the University of Pennsylvania. He is also a CFA Charterholder.