US-based ethnic e-grocer Weee! has raised $315 million in Series D financing led by DST Global, as it aims to accelerate its geographic expansion.
Alongside DST Global, which also led the company’s last financing round, 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 speciality products and everyday essentials.
Weee!’s offering includes fresh produce, meat, seafood and a wide variety of ethnic ingredients used in Asian and Hispanic cuisines.
Headquartered in Fremont, California, the company currently serves 14 regions coast-to-coast and aims to expand to 30 cities across North America by 2024.
The new capital will be used to support the company’s geographic expansion “with the most efficient fulfilment technology”, 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.”
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.”
© FoodBev Media Ltd 2021
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