(Photo via Facebook)
The retail giant broke its silence on Monday to say it had acquired the company for $3 billion in cash and some $300 million in Walmart stock, both to be doled out over time.
— Jet (@Jet) August 8, 2016
As part of the deal, Jet.com and Walmart.com will remain separate, in a move billed as a play for millennial purchasing power. “The acquisition of Jet will infuse Walmart with fresh ideas and expertise, as well as an attractive brand with proven appeal,” the company said in a press release.
So what’s the Philly angle? Well, Jet.com was the recipient of MentorTech Ventures’ biggest investment ever: a $5.5 million special purpose vehicle (yes, it sounds cool, but it’s really just a side fund) raised in 2015.
The University City-based firm — which provides funding for Penn alumni-founded startups — also joined a previous investment round, bringing MentorTech’s stake in Jet up to at least $8 million. It’s not clear if the venture firm made any further investments in the ecommerce site.
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