Social shopping company Wish raises $50 million in funding
Wish is a social shopping website and mobile app that has raised $50 million in a new round of funding led by Founders Fund with participation from existing investors Formation 8, GGV Capital, Yahoo co-founder Jerry Yang, Legend Capital and several others.
Wish was founded by former Google, Yahoo!, and Facebook employees Peter Szulczewski and Danny Zhang. Wish uses algorithms and machine-learning technology to adapt to a user’s tastes to show them products that they like.
Wish reports 31 million active users along with 10,000 merchants using its platform to sell their products, which includes a 15% transaction fee. Wish is now valued at around $400 million and has raised around $80 million thus far.
[Source: TC]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry