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Jet, a Would-Be Amazon Competitor, Raises Another $140 Million Before Launch

Jason Del Rey has been a business journalist for 15 years and has covered Amazon, Walmart, and the e-commerce industry for the last decade. He is a senior correspondent at Vox.

Investors must really trust Marc Lore. The founder and former CEO of Diapers.com’s parent company has just raised $140 million for his new shopping site, Jet.com, which hasn’t even launched yet. The funding, led by Bain Capital, pushes Jet’s total investments to $220 million. The Wall Street Journal first reported the news. Jet will offer a $50-a-year shopping membership that aims to give shoppers access to the best prices on the Web. I explained how the company would do that in a story earlier this year.

This article originally appeared on Recode.net.