Wish, a US-based mobile commerce platform backed by conglomerate Legend Holdings, is in the process of raising $250m at a valuation of more than $8bn, Axios reported yesterday.
The round, which is expected to close in the near future, has attracted investment management firm Wellington Management as well as unnamed existing shareholders.
Founded in 2011, Wish operates a range of mobile e-commerce apps that focus on heavily discounted, unbranded products which are sourced and shipped directly from Chinese manufacturers to consumers in the US and Europe.
The company previously raised a reported $500m in a November 2016 series F round led by Singapore state-owned investment firm Temasek that valued it at $4bn.
Everbright-IDG Industrial Fund revealed its participation in the series F round in May 2017, naming DST Global, Third Point Ventures and Founders Fund as fellow backers and also referring to additional international institutional investors.
Wish had previously raised more than $575m in equity funding, including $500m in a 2015 series D round that was led by DST and reportedly backed by e-commerce company JD.com at a $3.5bn valuation.
Legend Capital, the venture capital vehicle formed by Legend Holdings, participated in Wish’s $50m series C round in 2014 alongside GGV Capital, Formation 8, private investor Jerry Yang and undisclosed additional investors.