The amount of the deal was not disclosed but it valued the company at $11.2 billion post-money. With this investment, Tanzeen Syed, Managing Director at General Atlantic, has joined Wish’s Board of Directors.
The company intends to use the funds for marketing and working capital, with plans to expand its merchant presence in Europe and North America and improve logistics.
Founded in 2010 by Peter Szulczewski, CEO, Wish is an e-commerce platform that employs big data principles, machine-learning, and search technologies to create a visual, entertaining, and personalized browsing experience for each user.
The company leverages a global network of direct suppliers, providing access to top products to anyone with a smartphone.
It recently 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.
As of 2018, Wish has more than 80 million monthly active users, over one million merchants, and sells nearly 1 billion products annually.
FinSMEs
01/08/2019