In Series B and Series B+ rounds headed up by VMG and XVC, California-based eCommerce grocer Weee notched almost $50 million in financing. Lightspeed Ventures, iFly.vc, Silicon Valley Bank and Goodwater Capital were participants in the investment, Deal Street Asia reported.
The new funding will assist the startup in speeding up team building, supply chain optimizations and market growth. And the company seeks to expand its delivery network to encompass 20 major Canadian and American cities in the three years to come.
Weee, which was started in 2015, began as a community buying platform that received Asian spices and fresh produce, among other items. The firm evolved into an online shopping website with a warehouse and delivery network in 2017.
Shoppers, for their part, can make orders on the WeChat mini-program, Facebook, or the Weee app. The company provides its offering in the San Francisco Bay Area, Los Angeles, Sacramento and Seattle. It has over 5 million registered users.
The platform reportedly claims to be profitable and has registered more than 100 million yuan in sales on a monthly basis with each customer making an average over four orders monthly. It has reportedly notched funding in a March 2019 Series A+ round.
In separate news, Indian eCommerce grocery store operator Bigbasket notched $150 million a round of venture funding per news last May. South Korean investment company Mirae-Naver and Alibaba, the Chinese online shopping giant, led the round of funding.
The British development finance institution CDC also was a participant in the round. Alibaba was said to be the biggest shareholder in the firm, heading up a $300 million round of funding in 2018. Alibaba was locked in a battle with Amazon in all aspects of online shopping as both grow around the world.
Bigbasket competes against Amazon and Flipkart in the Indian eCommerce market.