Looks like those in the exit market are doing their Christmas shopping a little early in Philly.
Diapers.com, an e-commerce store founded in 2005 that sells early childhood goods, has reportedly sold to Amazon for $500 million in cash. The company, while based in Jersey City, has deep Philly roots.
The company is funded partly by MentorTech Ventures and run by Penn graduates Vinit Bharara and Marc Lore. The company raised its Series E round earlier this year to bring the total funding amount for the company to $78.5 million. According to an article in Forbes earlier this year, Lore owns 9.5 percent of the company and Bharara owns 8 percent.
We’ll let you do that math on that payout.
Is the recent wave of exits a sign of the Philly startup community’s health or just coincidence?
Update: See Amazon’s official statement here.-30-