- Weee! – a leading ethnic e-grocer in the United States – had announced $315 million in Series D funding. These are the details.
Weee! – a leading ethnic e-grocer in the United States – had announced $315 million in Series D financing led by existing investor DST Global. And new investors include funds managed by Blackstone, Arena Holdings, and Tiger Global – significantly deepening the company’s capital base.
The new funding round will be used to further accelerate the company’s geographic expansion with the most efficient fulfilment technology, build a stronger and more diverse product assortment, recruit exceptional talent, and invest in engaging the broader Asian and Hispanic communities with state-of-the-art personalization features.
While grocery is remaining the lowest penetrated retail segment within the e-commerce landscape, the grocery market for ethnic customers is expected to surpass $464 billion by 2030. And Weee!’s current category assortment spans ethnic ingredients essential to Asian and Hispanic cuisines, catering to an underserved population with >20% growth since 2010. Currently, Weee! serves 14 key regions coast-to-coast and aims to expand to 30 cities across North America by 2024.
KEY QUOTES:
“Ethnic communities have been overlooked in the online and retail space. We believe the opportunity to provide these fast growing communities access to exciting and affordable groceries is tremendous. We are thrilled to leverage DST Global and our new investors’ strategic view on the future of retail and vast experience building and scaling technology companies to accelerate our mission.”
— Larry Liu, founder and CEO of Weee!
“Weee! has a unique understanding of how explosive growth can be achieved sustainably in the emerging online grocery space. The team’s back-to-basics focus on merchandising, everyday low prices, and remarkable social shopping approach are what sets Weee! apart, and we’re excited to deepen our support for their mission.”
— Rahul Mehta, managing partner at DST Global
