Amazon Competitor Jet, Preparing For Spring Launch, Bulks Up With More Venture Cash

E-commerce start-up and avowed Amazon nemesis Jet has raised another $140 million in venture funding after raising $80 million last September, pushing the company’s valuation to $600 million. The company unveiled a private beta site last month and expects to launch a "Jet Insiders" site next month. Founder Marc Lore says the site will go public later in the spring. The company will mimic Amazon by selling pretty much everything, but 10 to 15 percent cheaper than Amazon. Customers will make up the difference with a $50 annual membership fee, like at Costco.