Wish.com valued at $11bn in new fundraising

The new funding, led by private equity house General Atlantic, will be used for marketing and working capital to bring new retail partners on board in Europe and North America and improve logistics.

Wish originally established itself by providing a direct-to-consumer marketplace typically used by Chinese manufacturers, and customers have proved willing to tolerate lengthy delivery times in return for value for money.

Wish, which generates sales of approximately $2bn a year, is adding to its model by creating a network of collection points with independent retailers through its new Local initiative. Local provides customers with greater flexibility and faster shipping, while shop owners can boost sales as a result of higher footfall.

The latest valuation of Wish is more than $2bn more than that calculated at the time of its last fundraising in 2017.

Founder and chief executive Peter Szulczewski said: “Wish has succeeded by creating an entertainment experience that captures the way consumers browse and discover products on mobile devices. We are honoured to have General Atlantic join us as we deliver on our mission to make affordable goods accessible to everyone in the world.”

General Atlantic managing director Tanzeen Syed said: “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.”