Photo by Slaven Vlasic/Getty Images for Financo

Imran Khan, former chief strategy officer at Snap Inc., has raised $17.5 million for his new e-commerce startup, according to a source familiar with the deal. Lightspeed Venture Partners was lead investor, with Khan's friends and family also participating.

Why it matters: Khan is launching a multi-brand retailer aimed at millennials, with an eye toward someday taking on Amazon.

Khan's wife Cate, who recently stepped down as head of retail for Amazon-owned Quidsi, will join the startup as a co-founder.

Jeremy Liew, a Lightspeed partner and early investor Snap, sees big potential in the multi-brand retailer model that Khan is going after, pointing to a slew of billion dollar-plus e-commerce exits in the last five years.

“Like the alumni of PayPal and other great companies, Snap employees will go on to build a new generation of startups. We are thrilled to partner with Imran and Cate Khan to fund the first of the Snap mafia.”
— Jeremy Liew

The Los Angeles-based business is expected to launch in time for next year's holiday shopping season, with Khan using the money to build out his team.

  • He recently announced a slew of new high-level hires, including Jason Bosco, former VP of engineering at Dollar Shave Club to lead engineering, Alex Barinka, former deals reporter at Bloomberg to lead communications, and Matthew Terry, former VP of fulfillment at Thrive Market to lead fulfillment.
  • Khan hopes to hire another 20-25 employees in the next six months, according a source familiar with his plans. Many of the hires will focus on product and engineering.
  • We still don't yet know the startup's name or what product verticals in plans to begin with.

Go deeper

Senate advances Amy Coney Barrett nomination, setting up final confirmation vote

Photo: Xinhua/Ting Shen via Getty Images

The Senate voted 51-48 on Sunday to advance the Supreme Court nomination of Judge Amy Coney Barrett, setting up a final confirmation vote for Monday.

Why it matters: It's now virtually inevitable that the Senate will vote to confirm President Trump's third Supreme Court nominee before the election, which is just nine days away.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Wall Street is living up to its bad reputation

Illustration: Sarah Grillo/Axios

Recent headlines will have you convinced that Wall Street is hell-bent on living up to all of its stereotypes.

Driving the news: Goldman Sachs is the biggest and the boldest, paying more than $5 billion in fines in the wake of the 1MDB scandal, in which billions were stolen from the people of Malaysia.

2 hours ago - Health

Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk

Former FDA commissioner Scott Gottlieb said "the short answer is yes" when asked whether Vice President Mike Pence is putting others at risk by continuing to campaign after several aides tested positive for COVID-19, stressing that the White House needs to be "very explicit about the risks that they're taking."

Why it matters: The New York Times reports that at least five members of Pence's inner circle, including his chief of staff Marc Short and outside adviser Marty Obst, have tested positive for the virus. Pence tested negative on Sunday morning, according to the VP's office, and he'll continue to travel for the final stretch of the 2020 campaign.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!