Online grocer Weee! has raised $315 million in a series D financing round, which will be used to further accelerate the company's geographic expansion with efficient fulfilment technology, build a stronger and more diverse product assortment, recruit exceptional talent, and invest in engaging the broader Asian and Hispanic communities with state-of-the-art personalization features, according to the company.
"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 Larry Liu, founder and CEO of Weee!, in a statement. "We are thrilled to leverage our new investors' strategic view on the future of retail and vast experience building and scaling technology companies to accelerate our mission."
Weee!'s current category assortment spans ethnic ingredients essential to Asian and Hispanic cuisines. According to research firm Statista, the grocery market for ethnic customers is expected to surpass $464 billion by 2030. Weee! serves 14 key regions coast-to-coast and aims to expand to 30 cities across North America by 2024.
"Weee! has a unique understanding of how explosive growth can be achieved sustainably in the emerging online grocery space," said Rahul Mehta, managing partner at DST Global, an investor in the online grocer, in a statement. "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."
Related: E-commerce Platform for Asian Products Offers Curated Assortment; Retailers Diversify Shelves with Black-Owned Brands.
Image: Weee!