A 16-time unicorn VC asked Wish's CEO 5 questions before investing in 2014. Today his stake is worth about $80 million.

  • GGV Capital managing partner Hans Tung is one of Silicon Valley’s top investors with 16 unicorns in his portfolio, including Airbnb, Affirm and Wish.
  • Tung first met Wish CEO Peter Szulczewski in 2013 and shared with Business Insider the 5 questions he asked before deciding to write a check.
  • GGV led Wish’s $19 million Series B round, collecting a total of 3,803,724 Class A and Class B shares combined, meaning the firm’s total stake is now worth about $80 million.  
  • Visit Business Insider’s homepage for more stories.

Hans Tung, a managing partner at the venture capital firm GGV Capital, has quietly made a name for himself as one of Silicon Valley’s most successful investors. Since joining the firm in 2013, Tung made early investments in 16 startups that later obtained unicorn valuations, worth over $1 billion, including Airbnb, Affirm and Peloton and Wish, the e-commerce site that made its public trading debut Wednesday.

Shares of ContextLogic, the parent company of Wish, fell as much as 16% in its trading debut on Wednesday, giving the e-commerce company a market valuation of about $14 billion. Wish originally priced its IPO at $24 per share, raising $1.1 billion in process at a valuation of $17 billion.  

Tung first met Wish CEO Peter Szulczewski in October 2013. It was Tung’s second week as an investor at GGV Capital. Szulczewski had launched a version of Wish, called “Wishwall.me” just two years ago with his co-founder Danny Zhang, according to Forbes.

The initial idea was slightly different. Instead of a mobile e-commerce platform, WishWall.me didn’t actually sell products. Instead, it was more of a wish list of things that people wanted, based on a collection of products curated by Wish. If a user “liked” a particular product, they earned rewards or discounts on future items.

Eventually, the business model grew as tens of thousands of users signed on to Wish, and Szulczewski started emailing merchants who were actually selling the products that Wish users “liked,” on eBay and Amazon. The proposal he made was meant to be mutually beneficial. Wish would introduce merchants to a stream of ready buyers. In return, the merchants would discount the price of the product slightly, 10% to 20%, so Wish could offer the cheapest price.

But back in the day, Wish’s success was far from guaranteed. In an interview with Business Insider, Tung shared the 5 areas of questions he asked Wish CEO Peter Szulczewski during that first meeting in 2013.

  • What’s selling well on your platform: branded goods? Unbranded goods?
  • You have a heat map of where orders are shipped to. What does that heat map look like and who’s buying your products in the United States? 
  • What is the split between the U.S. and outside of the U.S.?
  • Where are these products coming from?
  • How many people do you have in China and who’s doing the sourcing?

Tung remembers the CEO answering each question perfectly. “I thought, Oh my god, what an MVP. Where do I sign?” said Tung.

Less than six months later, GGV led Wish’s Series B round, writing a check for $19 million along with Joe Lonsdale’s Formation8 and existing investors.

“Our investor base has a strong global focus, and we are excited to work with Hans and welcome his experience with China, and specifically Xiaomi, in helping us to grow Wish as a global leader in the mobile commerce space,” said Szulczewski in a press release announcing the funding news.

In total, GGV amassed a total of 3,803,724 Class A and Class B shares combined. Shares of Wish ranged from $19.49 to $23.79 by mid day Wednesday. At $21 a share,  GGV’s potential stake is now worth just under $80 million.