VMG, China’s XVC lead nearly $50m funding for US-based online grocer Weee

iPhone screenshots of Weee

Weee, a San Francisco-based online grocer that delivers Asian products and groceries, has raised nearly $50 million in Series B and B+ rounds of financing led by Beijing-based venture capital firm XVC and consumer-focused US private equity firm VMG.

Seed-stage VC firm iFly.vc, Lightspeed Ventures, Silicon Valley-based consumer technology specialist Goodwater Capital, and Silicon Valley Bank, the banking unit of SVB Financial Group, participated in the investment, XVC said in a WeChat post on Monday.

Tom Dillon, the former COO of Netflix, has become a part-time board member of Weee following the financing

Founded in January 2015 by Larry Liu, Weee started as a community group-buying platform that procured fresh produce, Asian spices and fresh ingredients, dairy products, as well as other groceries from third-party suppliers.

In 2017, the company developed into an e-commerce website with a self-operated delivery and warehouse network and partnerships with brands, local farms, and restaurants to offer customers farm-to-door shopping experience. Customers can place orders on the Weee mobile app, WeChat mini-program, or Facebook to get doorstep deliveries.

Weee now offers its services in Los Angeles, San Francisco Bay Area, Seattle and Sacramento. It has more than five million registered users, per its company website.

E-commerce centred around fresh produce products and groceries is a segment with great potential in the global market, said Hu Boyu, partner of XVC, in the WeChat post.

Hu added that Weee has identified “a unique market entry point” to provide the Asian community in North America with “differentiated commodity composition and quality next-day doorstep delivery service.”

The new funding will help the startup accelerate team building, market expansion, and supply chain optimisation. Weee aims to grow its delivery network to cover 20 major cities in Canada and the United States in the next three years.

The company, which claims to be profitable, has recorded over 100 million yuan ($14 million) in monthly sales with each user placing an average of more than four orders per month, according to the post.

Weee raised tens of millions of US dollars in a Series A+ round led by iFly.vc and Goodwater Capital in March 2019. Silicon Valley Bank, and Welight Capital, led by Tencent founding member Wu Xiaoguang, also participated in the previous round.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.