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Exclusive: Wish raising new round at $8 billion valuation

E-commerce company Wish is raising around $250 million in new funding at a valuation north of $8 billion, Axios has learned from multiple sources. Several mutual funds are expected to participate, including Wellington Management, alongside existing shareholders. A final close is imminent, and comes just months after Wish announced an investment led by Everbright-IDG Industrial Fund, which was rumored to be worth $500 million on a $4 billion post-money valuation.

Why it matters: Wish is complicating the narrative that the battle for global e-commerce dominance will be a three-way contest between Amazon, Alibaba and Walmart. Maybe that's why both Amazon and Alibaba reportedly considered trying to buy it a couple years back.