Wish, a San Francisco-based company whose e-commerce mobile app that’s taken off in the U.S. and Europe by making it easy to buy everything from slippers to jackets to cosmetic brushes for rock-bottom prices, is raising $500 million in new funding at a valuation higher than its previous valuation of $3.5 billion but lower than $5 billion, reports Recode.
CB Insights had turned up a Delaware filing a week ago that showed a new round of funding is in the works. Recode now reports that Temasek, the investment firm owned by the government of Singapore, is among the lead investors in the financing.
Wish had earlier raised $600 million in funding. Its backers include GGV Capital, JD.com, Formation 8, Founders Fund, and DST Global.
Pictured: Wish’s CEO, Peter Szulczewski.