US – Weee!, A US-based ethnic e-grocer, has raised US$315 million in Series D funding even as it aims to accelerate its geographic expansion.
The financing round was led by DST Global, which also led the company’s last financing round. Alongside DST Global, , Series D investors included funds managed by Blackstone, Arena Holdings and Tiger Global.
Founded in 2015, Weee! aims to provide underserved communities with convenient and affordable access to specialty products and everyday essentials.
The e-grocer’s offering includes fresh produce, meat, seafood, and a wide variety of ethnic ingredients used in Asian and Hispanic cuisines.
The company currently serves 14 regions coast-to-coast and aims to expand to 30 cities across North America by 2024.
Weee! Says it plans to use the new capital to support its geographic expansion “with the most efficient fulfillment technology”.
It will also use some of the newly raised funds to expand its product assortment and strengthen its team.
In addition, Weee! says that it will invest in engaging the broader Asian and Hispanic communities with personalisation features.
“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,” said Weee! founder and CEO, Larry Liu.
“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.”
Wee! expansion comes against a backdrop of an upsurge in online grocery orders as more Americans than before went into online platforms for their grocery supply during nationwide lockdowns imposed due to COVID-19.
As the US opens up and a semblance of normalcy returns, market research firm Research and Markets expects the rising shift to online grocery purchases to hold due to the convenience it affords consumers.
According to the research firm, increased demand for online grocery services will cause the United States online grocery market to expand significantly, reaching a market value of US$152.3 Billion by the end of the year 2026.
Rahul Mehta, managing partner at DST Global, added: “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.”
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