Coming off of a year where monthly active users grew 150% year over year, ethnic e-grocer Weee! secured $425 million in Series E funding toward its goal to be “the primary source for food at home,” Larry Liu, Weee!’s founder and CEO, told me.
One of Liu’s missions is product assortment, so Weee! typically adds more than 500 new products per week.
This new monster round not only comes about a year after the company’s $316 million Series D round last March, but boosts Weee!’s valuation to $4.1 billion. It also nearly doubles the company’s total fundraising, bringing it to over $800 million to date, Liu said.
Taking in the new capital was an intentional move for Liu, who wants to grow the business to the next level. While it has made progress, he wants to deepen Weee!’s supply chain, focus on building relationships with vendors, do more direct importing of products to the U.S. and expand into two more ethnicities.
“That is our biggest differentiation, and that strategy is working well for us.”
SoftBank Vision Fund 2 led the financing and was joined by Greyhound Capital. As part of the investment, Lydia Jett, managing partner at SoftBank Investment Advisers, will join Weee!’s board of directors.
is in a prime position to meet the demands of customers,” Jett said in a written statement. “Weee!’s strong execution capabilities and reach across multiple ethnic groups, coupled with a unique customer experience model leveraging AI, has enabled it to scale effectively in a rapidly evolving grocery market.”
For Liu, product assortment and pricing are most important. He is looking to expand into household and beauty items so that Weee! can transition into more of a mainstream store versus only ethnic items.