USA – The largest and fastest growing Asian e-grocer in the United States, Weee! has secured US$35 million in Series C financing led by DST Global, bringing the total capital raised to over US$100 million.
According to the company, the new capital will be deployed to further accelerate its nationwide expansion and recruitment efforts.
“We welcome DST Global as investors and look forward to the partnership as we serve more communities nationwide and continue providing convenient and affordable access to groceries,” said Larry Liu, founder and CEO of Weee!.
He added, “We’re excited to further demonstrate our commitment to a higher standard of quality through direct sourcing, merchandising expertise, and industry-leading inventory turnover.”
Founded in 2015, Weee! aims to serve as the primary source of groceries for Asian Americans and underserved communities across North America.
Through partnering with local suppliers, the firm offers a wide variety of fresh produce, seafood, meat and pantry staples, many of which it claims are hard to find.
The company currently operates coast-to-coast in eight key regions, having reached profitability and growing 600% year-over-year.
“We’re excited to support Larry and the Weee! team in their vision of delivering significant value to Asian Americans in online grocery across North America,” said Rahul Mehta, managing partner at DST Global
“We’re impressed with their growth acceleration, exceptional operational efficiency, and customer-first mindset in selection, pricing, and quality.”
Tom Dillon, former chief operations officer of Netflix, joined the board earlier this year and brings vast operational experience in a high growth and direct-to-consumer environment.
Weee! anticipates its east coast debut to propel its momentum and rapidly bring the service nationwide.
Online grocery sales in the U.S. grew over 9% to a record-setting US$7.2 billion in June 20201, while Asian American purchasing power is projected to reach US$1.6 trillion by 2024.
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