Ethnic E-Grocer Weee! Raises $425 Million Series E Round Led by SoftBank Vision Fund 2

FREMONT, Calif., Feb. 28, 2022 /PRNewswire/ -- Weee! (www.sayweee.com), the largest and fastest-growing ethnic e-grocer in North America, today announced it 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 capital will be used 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 exciting 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.

About Weee! Inc.
Weee! is the leading Asian and Hispanic e-grocer in the U.S., delivering more than 10,000 locally sourced and hard-to-find goods from around the globe directly to customers. Founded in 2015 and headquartered in Fremont, California, Weee! is on a mission to enable affordable access to groceries for every home in North America while setting a new standard for freshness and value. By leveraging social e-commerce and proprietary forecasting technology, the company continues to redefine online grocery shopping and food delivery. Since its inception, Weee! has received $800M+ in funding from Arena Holdings, Blackstone, DST Global, Goodwater Capital, Greyhound Capital, iFly.vc, Lightspeed Ventures, SoftBank Vision Fund II, Tiger Global, VMG, and XVC.

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Forward-Looking Statement
This announcement contains forward-looking statements. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about our expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts. Words or phrases such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "strive," "will" or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements in this announcement include, but are not limited to, statements regarding our disclosure concerning the Company's operations, cash flows, financial position and dividend policy.

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SOURCE Weee