Singapore online grocer RedMart raises $5.4m funding round
RedMart, an online grocery service based in Singapore, has raised a $5.4 million round of funding led by Facebook co-founder Eduardo Saverin. Other investors in the bridge round included JFDI.Asia co-founder Meng Weng Wong, The Lo & Behold Group founder Wee Teng Wen, Lion Rock Capital and existing investors Steve Melhuish and Jani Rautiainen, founders of Property Guru.
The start-up has so far raised $10m since it was set up in 2011. Early stage investors included Golden Gate Ventures, which originally led a $1.29 million round with a consortium of angel investors in late 2012. The company then received an undisclosed amount in July last year with a Series A round of funding from Singapore online gaming firm Garena. Other investors include Skype co-founder Toivo Annus and Boon Ling Yee, former commercial director of Tesco China.
RedMart aims to provide affordable groceries and household essentials through its online store while offering a seven-days-a-week home delivery service.
This latest round of bridge financing - which is a precursor to a Series B round of funding the company hopes to close by the middle of the year - will be used to improve the company's technology and infrastructure to accommodate its growth.
"I believe that time-starved consumers will increasingly value convenience in purchasing their daily essentials online," said Saverin in a statement. "The logistics and technology platform the RedMart team is building extends far beyond selling groceries in Singapore."
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