Weee! secures $425 million Series E led by SoftBank

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California-based e-grocer Weee! has secured a whopping $425 million Series E funding led by SoftBank Vision Fund 2 with participation from Greyhound Capital, boosting the company’s valuation to $4.1 billion. The new round follows a $316 million Series D that took place in March 2021 and it brings the total capital raised to $800 million that includes contributions from eminent investors such as Tiger Global, Blackstone and DST Global.

Founded in 2015 by Larry Liu, the startup deals in over 10,000 locally sourced Chinese, Mexican, Japanese, Korean, Vietnamese, Filipino, Indian and American products which are hard to find at local supermarkets.

The fresh funding will be employed to expand the customer base, import products directly to the U.S., and introduce another two ethnicities. “We have a really powerful and unique value proposition in targeting underserved communities and want to offer the most amazing assortment for the community,” said Liu. “That is our biggest differentiation, and that strategy is working well for us,” he added.

Additionally, the funds will be used to enhance warehouse automation and AI technology to deliver more relevant recommendations and to grow the team which presently comprises 1,500 employees.

With a 150% YoY growth in monthly active users recorded in 2021, Weee! typically adds over 500 new products per week. “The market for ethnic groceries and food is massively underserved in the U.S. and we believe that Weee! is in a prime position to meet the demands of customers,” stated Lydia Jett, managing partner at SoftBank Investment Advisers.