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.
