Wish, a US-based e-commerce app operator backed by conglomerate Legend Holdings, raised $300m yesterday in a series H round led by growth equity firm General Atlantic, according to Axios.
The company itself did not disclose the round’s size but confirmed General Atlantic had led a series H round that valued it at $11.2bn post-money, without naming any additional investors.
Founded in 2011, Wish operates an app-based e-commerce platform where users in Europe, the US and Canada can purchase inexpensive goods from China-based merchants and discounted products from established brands.
The company recently added an offering called Wish Local, which allows consumers to pick up products from retailers. Part of the series H financing will allow Wish to expand its partnerships with physical stores across Europe and North America.
The company intends to also ramp up marketing activities and improve its logistics capabilities. Tanzeen Syed, managing director at General Atlantic, has joined its board of directors.
The $300m figure would likely place Wish’s overall funding at more than $1.6bn. It was valued at $8.7bn after a 2017 round reportedly sized at $250m that is thought to have included Wellington Asset Management, unspecified mutual funds and unnamed existing shareholders.
Legend Capital, the venture capital firm formed by Legend Holdings, took part in a $50m series C round for the company in 2014, investing alongside GGV Capital, Formation 8 and Jerry Yang as well as several unnamed backers.
E-commerce JD.com reportedly contributed to a $500m series D round in 2015 led by DST Global, but has never been listed as an investor on Wish’s website. Wish’s shareholders also include financial services group Fidelity, Temasek, Everbright-IDG Industrial Fund, Third Point Ventures and Founders Fund.
