E-Commerce Startup OpenStore Cuts Valuation by 95%, Taps New CEO

E-commerce startup OpenStore is slashing its valuation from nearly $1 billion to just $50 million in a new round of funding as it prepares to narrow its focus to building up menswear brand Jack Archer.

The Miami-based company, co-founded by venture capitalists Keith Rabois and Jack Abraham, is raising $15 million in a Series C funding round at the significantly reduced valuation, according to people familiar with the matter. Existing investors Khosla Ventures, where Rabois is a managing director, and Atomic, run by Abraham, are participating in the financing, said the people, who asked not to be identified because the information ...