Ecommerce startup Wish has reportedly raised $300 million in a confirmed Series H round led by General Atlantic. The financing boosts Wish’s valuation to $11.2 billion post-money compared to a valuation of $8.7 billion following its last funding round in September 2017, according to General Atlantic.
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Axios’ Dan Primack reported the $300 million figure, which The Information in March also cited when reporting the deal was in the works. But when I reached out to Wish and General Atlantic this morning, I got a “no comment.”
Founded in 2010, San Francisco-based Wish has now raised a total of $1.6 billion over its lifetime, according to Crunchbase. The startup is geared toward so-called “bargain” shoppers looking for a deal. Its revenue doubled in 2018 compared to the year prior, company spokesperson Glenn Lehrman told Crunchbase News via email this morning.
In a joint statement by General Atlantic and Wish, the firms said Wish plans to use the money toward “marketing and working capital, with plans to expand its merchant footprint in Europe and North America and improve logistics.”
The company recently unveiled a program called “Wish Local” aimed at partnering with local brick-and-mortar retailers giving customers a chance to pick up purchased items locally from stores.
As part of the funding, General Atlantic’s Tanzeen Syed has joined Wish’s board.
Illustration: Li-Anne Dias