E-Grocer Weee! Raises $35M in Series C Led By DST Global
Former Netflix COO Tom Dillon joined board and company entered 4 U.S. cities in July
FREMONT, Calif., Aug. 25, 2020 /PRNewswire/ -- Weee! (www.sayweee.com), the largest and fastest growing Asian e-grocer in the United States, today announced $35 million in Series C financing led by DST Global; bringing the total capital raised to over $100 million. The new capital will be deployed to further accelerate the company's nationwide expansion and recruitment efforts. Earlier this year, former chief operations officer of Netflix, Tom Dillon, joined the board. In July, Weee! added four new cities to its service regions, including San Diego, Portland, New York, and New Jersey.
Weee! offers the convenience of delivery from their own warehouses on a wide community-curated selection of fresh produce, seafood, meat, and pantry staples; including many that are hard-to-find and exclusive. Products are guaranteed to be delivered at peak freshness and priced lower than or comparable to offline stores. No subscription is required to shop, and next-day delivery is free with a low order minimum. Weee! aims to empower grocery shoppers to make informed choices by providing quality products at consistently low prices.
"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 chief executive officer of Weee! "We're excited to further demonstrate our commitment to a higher standard of quality through direct sourcing, merchandising expertise, and industry-leading inventory turnover."
The company currently operates coast-to-coast in eight key regions, having reached profitability and growing 600% year-over-year. 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.
"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."
Online grocery sales in the U.S. grew over 9% to a record-setting $7.2 billion in June 20201, while Asian American purchasing power is projected to reach $1.6 trillion by 20242. Weee! aims to serve as the primary source of groceries for Asian Americans and underserved communities across North America.
About Weee! Inc.
Weee!, headquartered in Fremont, California, is the largest and fastest growing Asian e-grocer in the United States. Weee! was founded in 2015 as a social e-commerce company to enable affordable access to hard-to-find and fresh Asian ingredients directly from the source. As a merchandise-driven retailer, Weee! partners with local suppliers and leverages proprietary demand forecasting technology to reshape the grocery supply chain entirely. Weee! is currently available in the San Francisco Bay Area, Sacramento, Seattle, Portland, Los Angeles, San Diego, New York, and New Jersey. Existing investors include Goodwater Capital, iFly.vc, XVC, VMG, Lightspeed Ventures, and Silicon Valley Bank. For more information, please visit www.sayweee.com/en or follow us at @isayweee on Twitter.
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1 June 2020 Online Grocery Sales for Delivery & Pickup Climb to $7.2 Billion, Brick Meets Click
2 Informed Influencers and Powerful Purchasers 2019 | The Asian American Consumer Journey, Nielsen
SOURCE Weee
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