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Amazon Challenger Announces $350 Million Investment

  • Funding round values Jet at $1 billion before new money
  • Backing comes as e-commerce website faces holiday shoppers

E-commerce startup announced a $350 million cash infusion Tuesday led by Fidelity Investments, providing money to help the company attract customers during its first holiday shopping season.

An additional $150 million investment is “expected shortly,” the Hoboken, New Jersey-based company said Tuesday in a statement. The investment values Jet at $1 billion before the new funding round, the company said.