US-based mobile shopping app Wish has raised $50m in a series C round of funding, which involved corporate venturing unit Legend Capital and corporate-backed venture capital firm Formation 8.
Legend Capital, the investment arm of conglomerate Legend Holdings, and Formation 8 were joined by venture capital firms Founders Fund, GGV Capital and Cherubic Ventures, Yahoo co-founder Jerry Yang and actor Jared Leto.
The round valued Wish at $400m, according to the Wall Street Journal.
Formation 8 is backed by Korean conglomerate LS Group, the family business of Formation 8 co-founder Brian Bonwoong Koo, and telecommunications firm Korea Telecom. Co-founder Joe Lonsdale was also the co-founder of big data company Palantir Technologies, first funded by the CIA and recently valued at $9bn.
The discount shopping app, which allows users to discover and share products with their friends, was founded by ex-Google, Yahoo and Facebook employees Peter Szulczewski and Danny Zhang in 2011. It will use the new funds to hire new staff.
This latest round follows a $19m series B round in November 2013 that featured Formation 8 and GGV, but which was only announced in April. Formation 8 previously invested in Wish’s $8m series A round in 2012, and the company has now raised $80m altogether.