Singapore online grocer RedMart raises $26.7m
Singapore-based online grocery marketplace RedMart has raised $26.7 million in a bridge round from existing investors Garena Online, Softbank Ventures Korea and US-based Visionnaire Ventures.
Facebook co-founder Eduardo Saverin also participated in the round. New investors, including Far East Ventures, took part as well. RedMart plans to raise an additional Series C round later this year to fund its international expansion and product development, according to a Tech in Asia story linked by RedMart's Twitter.
The company has also hired Colin Bryar, a former vice president at Amazon, as its chief operating officer. Bryar will oversee the engineering, marketing and operations teams. Bryar replaces co-founder Vikram Rupani in this role, after Rupani's promotion to president.
RedMart has raised $54 million in total since its founding in 2011, including a Series B round of $23 million in July 2014 and a $4.6 million Series A round in 2013. The company offers more than 15,000 products and has about 530 employees. It plans to expand further across Southeast Asia, though it reported losses of $29.4 million last year.
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