SAN FRANCISCO — Wish, which offers a discount mobile shopping app, has raised a reported $300 million Series H round led by General Atlantic. The funding gives Wish an $11.2 billion post-money valuation. The company’s valuation increased from $8.7 billion following its last funding round in late 2017.
Founded in 2010, Wish has more than 80 million monthly users and sells nearly one billion products annually.
Wish plans to use the proceeds for marketing and working capital, with plans to expand its merchant footprint in Europe and North America and improve logistics. Recently, Wish introduced Wish Local, a program that will develop partnerships with local brick and mortar retailers, allowing products to be locally picked up in stores so that products are closer to customer bases. Customers will have the option to collect products directly from these local businesses, which also drives traffic in-store. This approach will offer our customers more flexibility and quicker shipping, while shop owners can boost sales from enhanced foot traffic.
“Wish has succeeded by creating an entertainment experience that captures the way consumers browse and discover products on mobile devices,” said Peter Szulczewski, CEO. “We are honored to have General Atlantic join us as we deliver on our mission to make affordable goods accessible to everyone in the world.”
Tanzeen Syed, Managing Director at General Atlantic, said, “General Atlantic shares the long-term vision of Peter and the Wish management team to build an accessible and truly globalized shopping marketplace. Wish is a category-defining business that helped pioneer mobile commerce and discovery shopping, and it has the opportunity to continue providing solutions that address the real needs and preferences of hundreds of millions of value-conscious consumers around the world. We are excited to partner with Wish as it continues to build on its market-leading position and create an enduring global marketplace business.”
With this investment, Tanzeen Syed at General Atlantic has joined Wish’s Board of Directors.