Weee! Company Profile

Background

Mission and Vision

Weee! is dedicated to making food from all cultures accessible and affordable for all, with a particular focus on serving underserved Asian communities in North America.

Company Overview

Founded in 2015 by Larry Liu, Weee! began as a WeChat group-buying service connecting wholesale vendors with Chinese immigrants in the Bay Area seeking authentic Asian groceries. Recognizing the demand for convenient access to ethnic foods, the company evolved into an online Asian grocery delivery platform, catering to second and third-generation Asian Americans living in areas with limited access to traditional Asian markets.

Key Strategic Focus

Core Objectives

Weee! aims to be the primary source of groceries for Asians in North America by:

Expanding its customer base, especially among second- and third-generation shoppers.

Increasing fresh and frozen shipping capabilities.

Diversifying product offerings to include more ethnic cuisines.

Areas of Specialization

The company specializes in delivering a wide range of Asian and Hispanic groceries, including fresh produce, seafood, snacks, and specialty items. Weee! offers curated ethnic storefronts (Chinese, Korean, Japanese, Vietnamese, Filipino, Indian) through its mobile app and website, providing personalized recommendations based on cultural preferences and shopping patterns.

Key Technologies Utilized

Weee! leverages social e-commerce and proprietary forecasting technology to enhance customer experience and operational efficiency. The platform features social elements, including recipe sharing and product discovery through short-form videos, helping customers connect with their cultural heritage through food.

Primary Markets Targeted

Weee! currently serves over 40 states in the U.S., focusing on areas with significant Asian populations. The company plans to expand its reach to 80-90% of the U.S. market, targeting locations with higher Asian density.

Financials and Funding

Funding History

Since its inception, Weee! has raised over $800 million in funding. Notable funding rounds include:

Series D (March 2021): Raised $315 million.

Series E (February 2022): Secured $425 million, led by SoftBank Vision Fund 2.

Notable Investors

Investors include Arena Holdings, Blackstone, DST Global, Goodwater Capital, Greystone Capital, iFly.vc, Lightspeed Ventures, SoftBank Vision Fund 2, Tiger Global, VMG, and XVC.

Utilization of Capital

The capital raised has been utilized to:

Expand geographic reach.

Diversify product offerings.

Enhance technological infrastructure.

Acquire complementary businesses such as Ricepo and Anycart to strengthen market position and service capabilities.

Technological Platform and Innovation

Proprietary Technologies

Weee! employs proprietary forecasting technology to optimize inventory management and delivery logistics, ensuring product freshness and operational efficiency.

Scientific Methodologies

The platform utilizes AI-driven capabilities to provide personalized recommendations based on cultural preferences and shopping patterns, enhancing customer engagement and satisfaction.

Leadership Team

Larry Liu – Founder and CEO

Larry Liu founded Weee! in 2015, inspired by the challenges he faced in accessing authentic Asian groceries after immigrating to the U.S. from Wuhan, China, in 2003. Under his leadership, Weee! has grown into America's largest online Asian supermarket.

Ankur Shah – CFO and Chief Strategy Officer

Ankur Shah joined Weee! in February 2021 as the company's first CFO and Chief Strategy Officer, bringing extensive experience in financial management and strategic planning.

Lydia Jett – Board Member

Lydia Jett, Managing Partner at SoftBank Investment Advisers, joined Weee!'s board in February 2022, contributing her expertise in investment and growth strategies.

Competitor Profile

Market Insights and Dynamics

The North American ethnic grocery market is projected to grow from $27 billion to $52 billion by 2032. Asian Americans represent the fastest-growing racial group in the U.S., with $1.3 trillion in spending power. Mainstream interest in Asian cuisine is surging, evidenced by a 127% increase in Korean food consumption among non-Asian Americans from 2017-2022.

Competitor Analysis

Traditional Asian Grocery Chains:

H-Mart: Leads this segment with $2 billion in annual revenue and over 100 physical stores.

99 Ranch Market: Operates 69 locations, primarily serving first-generation Asian Americans in metropolitan areas.

Digital-First Ethnic Grocers:

Umamicart: New York-based, founded in 2020, focusing on Asian groceries.

Yami: Founded in 2013, headquartered in Eastvale, California, offering a range of Asian products.

Mainstream Grocery Delivery:

Instacart: Processes 750,000 daily orders with $3.3 billion in revenue but captures only 5-6% of customer grocery budgets.

Strategic Collaborations and Partnerships

Acquisitions

Ricepo (2021): An on-demand food delivery service catering to Asian communities, transforming Weee! into a one-stop destination for diverse culinary needs.

Anycart (2022): An e-commerce startup acquisition aimed at driving growth and strengthening brand recognition.

Partnerships

Weee! has partnered with various vendors, events, schools, affiliates, influencers, and organizations to expand its reach and enhance customer engagement.

Operational Insights

Strategic Considerations

Weee!'s vertically integrated supply chain, combining direct product sourcing with a third-party marketplace model, enables it to offer Asian and Hispanic groceries at prices 30-50% below traditional ethnic markets. The company's marketplace model allows for rapid product expansion, adding 500 new items weekly while maintaining high margins through efficient operations.

Competitive Advantages

Direct Sourcing Relationships: Enables control over product quality and pricing.

Multi-Ethnic Product Range: Appeals to a broad customer base seeking diverse culinary options.

Efficient Delivery Model: Next-day scheduled delivery enhances operational efficiency and customer satisfaction.

Strategic Opportunities and Future Directions

Market Expansion

Weee! plans to expand its reach to 80-90% of the U.S. market, targeting locations with higher Asian density.

Product Diversification

The company is focused on adding more ethnic cuisines, with a focus on finding products that will appeal to target consumers within each ethnic group.

Technological Enhancements

Weee! continues to invest in technology to enhance customer experience, including leveraging social commerce and proprietary forecasting technology.