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In early 2015, MentorTech Ventures invested $8 million across two rounds for Jet.com, an ecommerce startup angling to take on Amazon.
It was the biggest investment the University City venture firm had made in a single company, spurred by their belief in Jet founder Marc Lore. MentorTech even set up a special side fund to make the deal happen. (It’s unclear if MentorTech invested further in Jet. We have yet to hear back from the firm on that.)
Now, roughly 18 months later, the Hoboken-based company is in talks to be acquired by Walmart, according to a Wall Street Journal report. Neither Jet nor Walmart commented on the news.
Jet, which has raised more than $500 million in venture capital, “could be valued at up to $3 billion in the private markets,” an anonymous source familiar with the deal told the Wall Street Journal.
But the Journal said the potential deal would “mark a disappointing end for one of the most ambitious challengers to Amazon.com.”
Well, what’s the verdict on the MentorTech side?
Partner Brett Topche declined to comment. One thing’s certain, though: if Jet gets acquired, it would be a speedier turnaround than most investments, which could be a positive outcome even if MentorTech’s return isn’t the grand slam it hoped for.
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