Mobile marketing app Wish has received a substantive round of Series H funding, and is planning to expand in Europe and North America.
On Thursday, the company announced a boosted valuation of $11.2 billion following a round of financing from global growth equity firm, General Atlantic. That’s up from $8.7 billion in 2017, when the company received its last infusion.
The Series H proceeds would chiefly benefit the company’s marketing efforts, along with helping grow its footprint through improved logistics, Wish said in a statement. The e-commerce platform, which now serves the U.S. and the U.K., is primarily interested in growing its North American and European consumer base, which it plans to do through new, localized commerce efforts.
The company recently launched Wish Local, which partners with local brick-and-mortar businesses so products can be picked up closer to customer hubs for quicker delivery. The program also allows consumers to buy online and pick up in store, driving traffic to Wish Local partners.
Nearly a decade after its launch, the San Francisco-based company boasts more than 80 million monthly active users and over a million merchants. According to the company’s release, the platform sells nearly a billion products per year though its data-driven, personalized browsing platform, including apparel, electronics and miscellaneous gadgets—many of which ship from China. Using machine learning tools, Wish presents shoppers with products tailored to their interests and purchasing patterns.
With the new round of funding, General Atlantic’s managing director, Tanzeen Syed, will join Wish’s board of directors. Of the partnership, Syed said that General Atlantic shares Wish’s long-term vision of taking the shopping marketplace global, and that the “category-defining” business has been a mobile commerce pioneer.
Now, Wish 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,” to create “an enduring global marketplace business,” she said.
“Wish has succeeded by creating an entertainment experience that captures the way consumers browse and discover products on mobile devices,” Peter Szulczewski, Wish’s CEO, added. “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.”
