Mobile shopping giant Wish has announced that it is now valued at $11.2bn after a successful Series H funding round.
The ecommerce giant, which offers consumers deep discounts on everyday products through its mobile app in exchange for longer shipping times than its rivals, saw investment led by global growth equity form General Atlantic.
The round also sees General Atlantic managing director Tanzeen Syed join Wish’s board of directors.
The latest Wish funding round has seen the company’s valuation soar since its previous round in 2017, when the company was valued at $8.7bn.
The company plans to use the addition finance both for marketing and to improve its logistics in Europe and North America, which are key growth targets for the company.
It has already engaged in a number of high-profile marketing campaigns, including its World Cup 2018 campaign, which emlisted a host of top-flight footballers, including Gareth Bale, Neymar and Paul Pogba, to introduce many western customers to the company.
Wish funding round sees company seek global dominance
The funding round is designed to aid Wish in its goal of becoming a global ecommerce leader, differentiating itself through its focus on mobile.
“Wish has succeeded by creating an entertainment experience that captures the way consumers browse and discover products on mobile devices,” said Peter Szulczewski, CEO of Wish.
“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.”
In pursuit of this goal, the company has also diversified its offering through the introduction of Wish Local, which builds partnerships with local physical retailers.
Expansion of its logistics through this funding round will allow the company to develop this further, as well as increasing its presence in the highly competitive ecommerce space.
“General Atlantic shares the long-term vision of Peter and the Wish management team to build an accessible and truly globalised shopping marketplace,” said Tanzeen Syed, Managing Director at General Atlantic.
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“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.”