Yami bags $50M Series B to boost its online Asian marketplace –

When Alex Zhou, founder and CEO of Yami, moved to the Midwest for college in 2007, he had limited access to Asian groceries and products. The experience inspired him to launch Yami, a direct-to-consumer marketplace for Asian food, skincare products, and household goods in the U.S., in 2013 after moving to Los Angeles. Yami announced Wednesday it has raised a $50 million Series B co-led by Altos Ventures and Balsam Bay Partners, with participation from previous backers J.P Morgan and GGV Capital. On top of that, it plans to invest in technology like artificial intelligence and big data, which will strengthen its supply chain and improve customer experience, Zhou told TechCrunch. There are some other players focused on specific areas like fresh grocery and snack subscriptions, but Yami is the largest Asian marketplace in terms of customer numbers and products selections, Zhou said.