Fedex to buy Michael Rubin’s ShopRunner

Tom Paine

Fedex announced today that it was acquiring shopping membership site ShopRunner.

Founded in 2010 and owned by Conshohocken-based Kynetic LLC, Michael Rubin’s holding company, ShopRunner was conceived to be an alternative to Amazon Prime for the rest of the retail world. ShopRunner is based in Chicago with offices in Philadelphia and San Mateo.

Kynetic’s website says ShopRunner has 85 employees and 5.5 million members.

Kynetic’s other properties are Fanatics (last valuation $6.2billion) and Rue Gilt Groupe.

Past investors include American Express, Alibaba and UPS.

Price was not disclosed.

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