Jet.com, an e-commerce site set to launch soon, has raised $140 million in funding led by Bain Capital Ventures. Participation came from Accel Partners, Coatue, General Catalyst, Goldman Sachs, Google Ventures, MentorTech Ventures, NEA, Norwest Venture Partners, Silicon Valley Bank, Temasek, Thrive Capital and others. In a blog post, the company’s founder Marc Lore said the funds would be used to deliver on its promise of “radical price innovation”. Jet.com is now reportedly worth around $600 million. “We believe that there is big opportunity to deliver meaningful value to mass consumers by optimizing the underlying economics of online shopping and unbundling the embedded retail costs that drive up price,” Lore wrote.
Practo Technologies, an India-based healthcare startup, has raised $30 million in funding for expansion into 30 new Indian cities and overseas. Sequoia Capital led the round, with participation from Matrix Partners. The company aims to have a presence in South East Asia, the Middle East and other Indian cities by March 2016. Practo last raised $4 million in 2012 from Sequoia.
Oportun, a financial services company formerly known as Progreso Financiero, has closed a $90 million funding round led by Fidelity Management and Research Company. Institutional Venture Partners also participated in the financing. “This investment will enable us to continue leveraging our advanced analytics and technology to address our customers’ unmet needs and scale our business,” said Oportun CEO Raul Vazquez. “On a daily basis, we are not only providing financing to the underserved Hispanic community, but we are also providing our customers a life-changing opportunity to build their credit and achieve a healthier financial future.”
Finance technology company Bill.com has raised $50 million in funding from Silicon Valley Bank and existing investors. The company offers businesses digital payment services that speeds up billings and payments. The funds will be used to grow its network, which currently stands at over 600,000 members. Bill.com was founded in 2006 and has previously raised $70 million.