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GGV, Legend join $50m round for US shopping app Wish

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Legend Capital and GGV Capital have participated in a $50 million round of funding for Wish, a San Francisco-based mobile shopping app operator.

The round was led by Founders Fund, with Formation 8 and Yahoo co-founder Jerry Yang also involved. GGV and Formation 8 led the previous round, worth $19 million, in April. 

According to The Wall Street Journal, Wish is now valued at about $400 million. The new capital will be used to bring in new merchants and hire staff.

Launched by former Google and Yahoo employees in early 2013, Wish aims to connect Western mobile consumers with products from around the world, especially from China. The company, which has an office in Beijing, uses matching-technology to provide a personalized shopping experience, with products recommneded based on users' spending habits.

Wish now has 31 million active users, up from 25 million less than three months ago. About 10,000 merchants are selling goods through the platform, which charges a 15% commission on each transaction.

In May, Legend  reached a final close of $500 million on its sixth US dollar-denominated fund China VC fund, while GGV closed its fifth Sino-US fund at $620 million.

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