E-Commerce Startup Jet Raises $350 Million, at $1.35 Billion Valuation

Jet.com Inc. said it had raised $350 million of fresh equity in a new funding round that values the e-commerce startup at $1.35 billion. Mutual-fund giant Fidelity Investments led the round, joined by previous investors. Jet said it expects to raise another $150 million “shortly,” bringing this round to $500 million.In addition, Jet it expects to obtain $125 million in debt financing, including a $50 million increase in a credit line from Silicon Valley Bank and $75 million from venture debt investors. It also plans a smaller amount of “strategic financing.”