GGV Capital and Formation8 back Wish

Mobile commerce platform Wish said Thursday that it has received $19 million in financing. GGV Capital and Formation8 led the round with participation from previous backers that include Yahoo co-founder Jerry Yang. In conjunction with the funding, Additionally, Hans Tung, managing director at GGV Capital, has been added to Wish’s board of directors.

PRESS RELEASE

SAN FRANCISCO, April 24, 2014 (GLOBE NEWSWIRE) — Wish, a leading mobile commerce platform founded by Google and Yahoo alums Peter Szulczewski and Danny Zhang, today announced that it closed a $19 million round of financing led by GGV Capital and Formation8. Existing seed investors also participated, including Yahoo co-founder Jerry Yang. Additionally, Hans Tung, managing director at GGV Capital joined the company’s board of directors.
Since launching in early 2013, Wish has risen to the #1 mobile-only shopping app on the iOS and Android app stores, and has more than 25 million users in 50 countries. Designed as a mobile-first application, Wish uses matching technology to deliver a visually engaging, entertaining, and individualized shopping experience. Similar to going to the mall with friends, Wish enables entertainment via discovery and drives a very high engagement rate among its users: repeat customers make up approximately half of all purchases. Wish is focused on the value conscious mainstream consumer, a market that in the offline world is led by global retailers such as Walmart, Target, and T.J. Maxx, and represents more than $400 billion in US sales annually.
“We built Wish to deliver a fantastic shopping experience for the hundreds of millions of people around the globe who like to shop as entertainment on their smartphone – we think of it as a personalized shopping mall in your pocket. Building this kind of personalized experience requires a global operation and we have been global since Day 1,” said Wish CEO Peter Szulczewski. “Our investor base has a strong global focus, and we are excited to work with Hans and welcome his experience with China, and specifically Xiaomi, in helping us to grow Wish as a global leader in the mobile commerce space.”
“Peter and Danny have a terrific understanding of the mechanics of creating a scalable online marketplace. They’ve built a beautiful application that is delighting millions of consumers every week,” said Hans Tung, Managing Partner, GGV Capital. “In many ways, they are creating a mobile Taobao for the western world.”
About Wish
Wish is focused on building the world’s leading mobile shopping platform, connecting Western mobile consumers with products from around the world and a particular focus on China. Wish investors include Formation8, GGV Capital and Yahoo co-founder Jerry Yang. The company is based in San Francisco, CA and Beijing. To learn more about Wish or to download the Wish mobile app, visit www.wish.com.

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