China: Everbright-IDG Industrial Fund, Temasek backs US e-commerce unicorn Wish

Visual from company's website

China-based Everbright-IDG Industrial Fund has invested in a Silicon Valley-based e-commerce unicorn Wish, which it described as another important move in the fund’s globalised investment strategy.

A partner of China Everbright Ltd, and IDG Capital Partners, the Everbright-IDG Industrial fund was the only Chinese leading investor in the Series F round. Other top investors were Temasek Holdings, DST, Third Point Ventures, Founders Fund and several top international institutional investors.

The size of the deal were not disclosed.

Also Read: Everbright-IDG Industrial Fund pours $72m in Chinese mobile commerce app Daling

After four years of operation, Wish became one of the most popular mobile shopping apps in Europe and the US. It has evolved into a gigantic B2C platform in terms of both trading volume and operating scale. The company was also reported to have raised about $500 million in its previous funding round in November last year.

Earlier this month, Wish mobile app ranked number one in shopping category in 27 countries, 7th overall in Android Google Play appstore, and ranked 14th overall in iOS US appstore.

Also Read: Everbright-IDG Industrial Fund invests $295m in China UnionPay

“As the world’s largest unlisted provider of full mobile cross-border e-commerce capabilities, Wish primarily targets young people and medium- and low-income groups in developed countries across Europe and the US, where penetration of the retail mobile terminal markets is less than 2 per cent – compared to 19 per cent in China – and where medium- and low-income customers account for over 60 per cent of mobile payments,” Everbright-IDG Industrial said, in a statement.

In Beijing last December, the vehicle concluded a strategic framework agreement with Wish for comprehensive, in-depth cooperation to leverage the strength of each other’s resources.

Also Read:

China: Everbright M&A fund acquires Shanghai Film Art Academy

China Everbright, IDG Capital Partners team up for $3b M&A fund

China Everbright teams up with Focus Media for $748m TMT fund

Chinese fund IDG Capital to take 20% in French Olympique Lyonnais soccer club

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.