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On Thursday’ 18 March 2021, and online grocery stores Weee! which is having a focal point on Asian and Hispanic communities declared that it has raised $315 million of funds in its series D round. Undoubtedly, with time and the advent of Technology and an unlimited skill set more and more budding ventures are coming into the picture and embarking on their potential at the newest heights.
The report says that the round was led by an existing investor of DST Global with the motive of new investor participation and inclusive funds managed by Blackstone, Tiger Global, and Arena Holdings.
Surprisingly if we talked about the overall funding capital raised by Weee! then it’s- $415 million in total.
Weee! – Profile
The company was founded in 2015. Headquartered in Fremont, California currently serves 14 regions coast to coast and aims to expand to around 30 cities across North America by 2024.
Since its commencement, it began offering products for the Asian community and later it expanded and added Hispanic foods to its roster. This initiative was taken with the main objective of providing services to underserved communities with convenient and affordable access to specialty products and everyday essentials to live a sustainable living.
The main offerings or products are fresh produce meat seafood and a wide variety of other ethnic ingredients that are used in Asian and Hispanic cuisines.
Also, the best part of the company is the way they are coming up with the new thought process and investing more in engaging in the broader Asian and Hispanic communities with other personalized features to offer.
A brief about the problems of Hispanic communities
They mostly belong to low socio-economic status which is associated with poverty and that eventually means poor diet, food insufficiency, and poor child health. The households have disproportionately low incomes. And that’s why these factors can easily augment the effects of poverty and the degrading children’s diet and health.
Thus, a venture like Weee! Which is up to offer the services and food to prevent health problems and grow the community with the right amount of diet. Hence if they will get the right food in the right amount a lot of health problems will be prevented such as stress, neurocysticercosis, and tuberculosis.
The founder and chief executive officer Larry Liu said “Ethnic communities have been overlooked in the online and retail space. We believe the opportunity to provide these fast-growing communities access to exciting and affordable groceries is tremendous. “
Also, Rahul Mehta the managing partner at DST Global said “Weee! has a unique understanding of how explosive growth can achieve sustainability in the emerging online grocery space.”
Lastly, business and ideas are needed to grow the economy and help the society with the right solution to fulfill their needs and to grow with mutual benefit.
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