The man behind Diapers.com and Jet.com acquires Mojo.com for his latest startup.
Entrepreneur Marc Lore has an incredibly successful backlog of companies he has created, intrinsically linked to some of the best domains.
As CEO of Quidsi, Lore led the development of Diapers.com, Soap.com, and Wag.com until Amazon bought the company for $545 million in 2010.
Following the 9 figure Quidsi sale, Lore launched another e-commerce business branded around Jet.com, a domain acquired from domain investor Garry Chernoff’s NetIncome Ventures.
A year after the Jet.com business was unveiled, retail giant Walmart purchased the company for $3.3 billion.
After a stint working for Walmart, Lore is back with another venture and another premium domain.
Lore, along with baseball great Alex Rodriguez, former Walmart SVP Bart Stern, and Quidsi co-founder Vinit Bharara, has launched Mojo using Mojo.com.
Mojo is best described as a “stock market” for professional athletes, allowing fans to buy and sell “shares” in a player based on their on-field performance.
While we won’t see Mojo’s platform until Fall 2022 at the earliest, we know that the company has been busy behind the scenes. Lore and his co-founders have hired 40 employees and have raised $75 million in Series A funding, revealed along with company plans in early March.
As for the domain name Mojo.com, Lore and his team secured this in January 2021, according to Jamie Zoch, who also noted that the asking price was “at least $1 million.”
Before the acquisition, Mojo.com was redirected to Elevate.com and had been for several years, suggesting to me that Elevate Credict, Inc. owned Mojo.com.
Some digging brought me to an SEC from December 2021 filed by Elevate Credit. In it, Elevate notes on page 108 that “[…] in January 2021, the Company sold a domain name that was held for a gain of $949 thousand, included in Non-operating loss in the Consolidated Statements of Operations.”
Given that January 2021 looks to be when Mojo.com changed hands, it’s likely that this filing refers to the sale of Mojo.com.
The $949,000 figure tells us that Elevate gained $949,000 from the sale after deducting Elevate’s original purchase price for Mojo.com.
Based on Whois history and Archive.org data, it seems Elevate may have acquired Mojo.com in 2013, and in 2013, the company spent $449,727 on domain name acquisitions. DNJournal reports that Mojo.com sold for $300,000 that year. If Elevate was indeed the buyer of Mojo.com in 2013, this would suggest that the 2021 sales price for Mojo.com was $1,249,000. This is further backed by evidence found by George Kirikos that Elevate booked proceeds of $1,250,000 from the sale of intangible assets in the first quarter of 2021.
As a Marc Lore startup, it’s unsurprising that the company launched using an ultra-premium, exact-match .com domain. Mojo.com gives the company the perfect launching pad for an ambitious project.
This story was updated to include more information about the domain sale price, which pegs it at about $1.25 million.