Social Shopping App Wish Raises $50M
Wish uses algorithms and machine-learning tech to learn a user’s taste in order to show them products that they like (or might like) in a detailed, pleasing-to-the-eye format. The site’s commerce-centric Pinterest model has drawn attention from the Founders Fund Formation 8, GGV Capital, Yahoo co-founder Jerry Yang, and Legend Capital among others. The company has raised $50 million from that list, coming on top of a November 2013 round (announced in April) from the same list, minus the Founders Fund, that raised $19 million, reports TechCrunch.
Wish is the brainchild of former Google, Yahoo and Facebook employees Peter Szulczewski and Danny Zhang, and unlike its nearest analog Pinterest, which is only starting to enter into the social shopping fray, Wish has been focused on data-driven shopping since its inception.
The company reports 31 million active users today, as well as a merchant base of 10,000 that use platform to sell their goods. Merchants on the Wish platform pay a 15 percent transaction fee.
The Wish mobile app is also fairly popular, and gaining ground. According to data from App Annie, wish is regularly in the Top 200 Overall on the iTunes App Store while on Android, it’s a top 10 shopping app.
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