Jet.com acquires Hayneedle to expand the home categoryDiarra
The home category has been a weakness for Amazon as it often loses out ground to smaller competitors such as Wayfair and Hayneedle. Jet.com who is trying to compete with Amazon saw this as a great opportunity and has recently acquired Hayneedle to expand their position in this category.
Hayneedle launched in 2002 as a nich home goods shop which expanded into the larger home marketplace it is today. Jet before the acquisition had roughly 800,000 product listings in the home category and expects to see that increase to a few million with this acquisition.
Jet.com has raised more than $700 million in investments to quickly build out and launch their marketplace in a very heavy competitive space. Their current value is at $1.5 billion based on the last round of founding. Forbes covers the acquisition and more in the following article.