Weee raises $315 million in Series D funding to accelerate North American expansion

Weee is located in California , USA , and is a social fresh grocery e-commerce company that mainly serves Asian and Hispanic Americans.

On Thursday, Weee announced that it had completed $315 million in Series D funding . Weee said it plans to use the new funds to accelerate its expansion in North America, recruit more employees, build product categories, and develop personalized features to reach consumers more effectively.

The funding boosted Weee’s valuation to $2.8 billion, and the company is considering an initial public offering, Bloomberg reported .

Additionally, the new investment brings Weee’s total funding to more than $415 million and expands the company’s investor base, highlighting the high consumer demand for e-commerce and international groceries , which has further amplified amid the pandemic.

Currently, Weee offers more than 3,500 products, with a focus on more than 300 local, organic and seasonal produce. The company also sells canned goods, self-care products, baked goods, beverages, snacks, meat, seafood and dairy products. Since its founding in California in 2015, Weee has been committed to expanding its product offerings and expanding its business to the U.S. coast and Texas.

Weee initially targeted Asian American consumers, but has recently expanded into selling Latino groceries and is now branding itself as an “ethnic grocery e-commerce company.”

As competition heats up in the Asian grocery market in the U.S., entering the Latino grocery market opens up a larger market for Weee. " Ethnic groups have been neglected online and in retail, and we believe there is a huge opportunity to provide affordable groceries to these fast-growing consumer groups, " said Larry Liu, founder and CEO of Weee.

Weee noted in its funding announcement that the grocery market for minority consumers is expected to exceed $464 billion by 2030 .

Weee plans to expand its service from 14 major markets to 30 cities in North America by 2024. Larry Liu said in an interview last fall that Boston, Philadelphia and Chicago are all within Weee's sights.

Likewise, the company is considering an IPO and hired Ankur Shah as chief financial officer and chief strategy officer earlier this year . Shah said he is hopeful the company could go public within three years.

Weee

Social e-commerce

Grocery e-commerce

North America

Ethnic groups