Wish, the US-based mobile shopping app provider backed by conglomerate Legend Holdings, may have attracted more than $500m in series D funding, Forbes has reported, citing financial filings obtained by private company research firm VC Experts.
The documents state that Wish’s parent company, ContextLogic, authorised approximately $130m in shares to be sold in November 2014 and a further $415m in February 2015, though they did not reveal the identity of the investors involved, nor many of the shares were purchased.
Neither Wish nor ContextLogic has submitted any regulatory filings concerning the shares with the US Securities and Exchange Commission as of the time of writing, though sources haave told Forbes the company was valued at about $3bn in the round.
Wish enables consumers to buy a wide range of consumer products from third-party merchants by scrolling down a grid of photos where users can save favourites into a wish list. The software learns a user’s preferences and adapts the feed to create a personalised shop for them.
Wish had previously raised $78.7m in funding, including $50m from a June 2014 series C round raised at a $400m valuation, which reflects a huge rise in value over the past year.
Legend Capital, the corporate venturing arm of Legend Holdings, was among the investors in the series C round, which was led by Founders Fund, and which also included Formation 8, GGV Capital, Cherubic Ventures and various angel investors.
Formation 8 is backed by conglomerate LS Group, telecommunications company Korea Telecom, and the family business of Formation 8 co-founder Brian Bonwoong Koo.