Here Are VC’s Big Winners From The $3.3B Jet.com Acquisition by Mikey Tom, PitchBook
Walmart recently announced an agreement to acquire discount retailer Jet.com for $3 billion in cash, along with $300 million of Walmart shares that will be paid out over time. This mega-deal marks a notably quick turnaround for Jet since its founding in 2014 and launch just over a year ago. The company raised about $570 million in venture funding, most recently securing a $350 million investment last November at a valuation of $1.4 billion.
Although a corporate acquisition likely isn’t the outcome that Jet founder Marc Lore originally had in mind, as the company was once touted as having the potential to be a serious Amazon competitor, it will undoubtedly satisfy investors. New Enterprise Associates emerges as a big winner after leading Jet’s initial round in 2014, which valued the startup at roughly $150 million. Below we’ve included a breakdown of the multiple on invested capital (MOIC) that investors in the company’s key rounds will see, as well as a sample of VCs that participated in each funding.
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Multiple on invested capital (MOIC) per round