Raising Massive Capital for Jet

Marc recounts raising about $750M, burning cash to reach scale, and membership model plans.

Play episode from 01:04:42

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Episode notes

Back in the early days of ecommerce, Marc Lore took a classic retail loss leader–diapers– and turned it into a DTC giant– Diapers.com. It did so well that it attracted the attention of Amazon, which slashed prices on its own diapers until Marc was forced to sell them his business.

It was not a happy moment, but it was a galvanizing one: Marc went on to launch another ecommerce company, jet.com. Within a year, it was bought by Walmart in a deal valued at $3.3 billion.

This is a story about a devastating corporate surrender, a multi-million dollar comeback, and a founder with a relentless ability to re-invent himself.

Timestamps:

10:04 – Marc’s “boost-your-grades” bet with his college coach

14:21 – A job on Wall Street and a Master Plan: 8 figures by age 48

16:28 – How a lunchtime lark turned into a spot on the U.S. Bobsled Team

27:44 – How random Google searches led Marc to diapers

35:29 – Guerilla tactic: Buying all of P&G’s diapers to get their attention

40:07 – The simple packaging hack that boosted sales

45:53 – Building a retail empire (and getting on Amazon’s radar)

47:52 – Amazon’s scorched earth strategy forces Marc to sell

1:00:11 – Raising $750M to take on Jeff Bezos

1:03:02 – A brand new business and a $3.3 billion exit: Walmart’s record-breaking deal

This episode was produced by Casey Herman with music composed by Ramtin Arablouei. It was edited by Neva Grant.