, a start-up rival to, raised $350 million and said it expects to close on another $150 million in new funding in the coming months.

In addition to that $500 million, the company said $130 million in convertible financing raised in February would switch over into Series B equity. That brings the expected Series B round to $630 million and values the Web site at $1 billion four months after its launch.

Fidelity Management and Research Company led the latest round of funding.

The buzzy company launched with much fanfare, but has been viewed skeptically by some and has course-corrected along the way, dropping the membership fees that were initially thought to be the bread and butter of its bottom line.

Last month, Jet’s membership topped one million and the site drove sales with a gross merchandise value of $33.2 million, up 65 percent from September. The company said it’s on pace to end the year with an annualized gross merchandise value run rate of $500 million.

Marc Lore, founder and chief executive officer said: “We realize the market for private-company investments is competitive, but our hard work continues to pay off. We keep driving [gross merchandise volume] and other key metrics, and our investors have expressed their confidence in what we are doing through this latest round of funding.”

Jet also said that Lev Khasis will join its board as vice chairman. Khasis was formerly ceo of X5 Retail Group and president and ceo of new formats at Wal-Mart Stores Inc.’s international division. He is currently the first deputy chairman of the executive board and chief operating officer of Sberbank.

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