1. News
March 1, 2022

Weee! secures $425m in funding to drive food delivery services

The company plans to use the capital to expand its product offerings and geographical presence.

US-based online grocery retailer Weee! has received $425m in a Series E financing round to expand its food delivery and grocery services into new geographies.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

SoftBank Vision Fund Two led the funding, while Greyhound Capital and the company’s existing investors also participated.

Weee! will also use proceeds from the round to expand its product offering across new and existing ethnic groups.

In addition, the company plans to enhance its warehouse automation and artificial intelligence (AI) innovations to improve its customer experience.

Weee! founder and CEO Larry Liu said: ”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.

“Their partnership will further enable Weee! to serve customers in the $360bn+ ethnic grocery and food market.”

Weee! is adding more than 500 products each week as it expands its offerings from different regions, including China, Japan, South Korea, Vietnam, the Philippines, India and Central America, for customers.

The company has also partnered with more than 1,000 restaurants to provide food-at-home options.

Softbank Investment Advisors managing partner Lydia Jett will join Weee!’s board of directors.

Jett said: “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.”

The funding round comes after Weee! acquired online Asian food delivery company RICEPO in an effort to address customer demands.

Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.