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Marc Lore

Diapers.com co-founder quietly working on new startup called Jet

May 13, 2014

FORTUNE -- Four years after selling Quidsi (which runs Diapers.com and Soap.com) to Amazon, Marc Lore is getting the gang back together. Or at least some of the gang, for a new commerce play called Jet. Lore is building Jet alongside two Quidsi co-founders: former VP of special operations Nathan Faust, and former project director Mike Hanrahan.

Lore confirms to Fortune that he acquired the domain Jet.com, which has a placeholder that says “Coming 2015.”  Jet.com Inc. was incorporated in Delaware on April 4, according to the State of Delaware’s website.

Quidsi co-founder Vinit Bharara will not be involved as he is "doing his own thing," Lore says. He declined to offer more details, as the venture is very early stage.

That's due, in part, to an onerous non-compete clause from Amazon (amzn). Sources tell Fortune the non-compete prohibits Lore and crew from raising money until later this year. (Still, the company appears to have hired at least two engineers from an agency called BlueRocket.)

When Quidsi sold to Amazon in 2010, it wasn’t an entirely happy transaction. Amazon and Quidsi had a fierce pricing rivalry; at one point, Amazon's pricing bots automatically lowered their prices to match Quidsi’s. Amazon, ever happy to lose money if it puts a competitor out of business, eventually triumphed -- buying Quidsi for $545 million in late 2010.

To be sure, both Lore and Bharara did quite well in the transaction. But, like any entrepreneur who sells before he or she is ready, Lore is said to be determined to build something new and even bigger.

First he had to spend four years in earn-out purgatory, running Quidsi for Amazon. He and Bharara left last July, with Maria Renz now at the helm. Other top Quidsi brass also have departed, including SVP of retail Christina Carbonell, who departed in February.

(Earlier this year, techies in New York speculated, incorrectly, that a mysterious job posting at Newnycstartup.com was affiliated with Lore’s new project. The posting is for a CEO of an e-commerce grocery startup.)

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