RedMart, a leading online grocer and marketplace in Singapore, has closed US$26.7 million in bridge funding, led by current investors Garena, SoftBank Ventures Korea, Visionnaire Ventures and Facebook Co-founder Eduardo Saverin.
New investors, including Far East Ventures, also participated in the round, which brings the total amount raised since inception to US$54 million.
RedMart will also be looking at a larger Series C round later this year to launch its international expansion, grow its grocery and marketplace business, in addition to launching an on-demand marketplace and invest in its dry and fresh private label offering, said an official statement.
The company is considering expansion to a number of cities across Asia over the next few years, including Jakarta, Bangkok, Hong Kong, Kuala Lumpur, Ho Chi Minh City, Manila and Taipei, a RedMart spokesperson told e27.
In July this year, RedMart had raised US$23 million in Series B round led by gaming firm Garena, with participation from SoftBank Ventures, Visionnaire Ventures and Saverin.
Additionally, RedMart has named Colin Bryar as its Chief Operating Officer. Bryar will be responsible for the commercial, operations, engineering and marketing efforts at the firm. He is replacing Vikram Rupani, who also holds the role of CFO. Rupani, will now take on the role of President.
“Colin is an experienced leader who has consistently used technology to innovate on behalf of customers, and has a strong track record for driving operational excellence. We continue to hire top talent with deep experience across technology, retail and operations to our leadership team, and throughout the company,” said RedMart CEO Roger Egan.
Launched in October 2011 in Singapore by Egan, Rajesh Lingappa and Rupani, RedMart is an online store for groceries, household essentials and related products. It offers over 15,000 products that include vegetables, fruits, beverages, health, beauty and baby products.
RedMart’s other investors are Skype Co-founder Toivo Annus, Golden Gate Ventures, LionRock Capital and the Northstar Group, while some of its competitors are honestbee, GoFresh, FairPrice, among others.