Venture Capital

SoftBank Vision Fund 2 Leads $425 Million Round in Weee!

FREMONT — Weee!, a fast-growing online grocer specializing in Asian and Hispanic groceries, has secured $425 million in Series E financing led by SoftBank Vision Fund 2. Greyhound Capital also participated in this round alongside the company’s existing investors.

The company plans to use the new capital to expand Weee!’s platform offering across new and existing ethnicities, and scale grocery and food delivery services to new geographies providing more customers with access to food at affordable prices. The company will also advance warehouse automation and AI innovations to further improve its industry-leading customer experience.

“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,” said Lydia Jett, Managing Partner at Softbank Investment Advisors, who will join Weee!’s Board of Directors as part of the Series E. “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. We are delighted to partner with Larry Liu and the team to support their next phase of expansion.”

“We’ve seen tremendous growth in 2021, even through the easing of COVID-19 related pressures, as our customers continue to discover affordable access to a wide array of exciting products and food online. We look forward to building on that momentum as we add depth to our investor base with Softbank’s global e-commerce expertise, and welcome them to the board,” said Larry Liu, founder and CEO of Weee! “Their partnership will further enable Weee! to serve customers in the $360+ billion ethnic grocery and food market.”

Weee! continues to expand its Chinese, Japanese, Korean, Vietnamese, Filipino, Indian and Latin offerings for customers, adding more than 500 new products per week, and plans to expand to other ethnicities in the future. Weee! also partners with more than 1,000 restaurants to offer authentic food-at-home options for customers.

Founded in 2015, Weee! has raised over $800 million to date.