Mobile shopping specialist Wish has completed a new round of fundraising valuing it at $11.2bn.
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 is model by creating a network of collection points with independent retailers through its new Local initiative. The Local provides customers with greater flexibility and faster shipping, while shop owners can boost sales as a result of higher footfall.
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