Singapore-based online grocery service RedMart.com, announced closing a bridge-round at US$5.4M, which was led by Eduardo Saverin, Co-Founder, Facebook; Steve Melhuish and Jani Rautiainen, Founders, Property Guru, who made their second investment in RedMart; Meng Weng Wong, Co-founder of incubator JFDI, to name a few.
A precursor to a larger Series B round, for which the company has started the process of raising and expects to close in the next five months, the bridge round funding will be used to upgrade technology and infrastructure. The round was oversubscribed, taking RedMart’s total funding to US$10M.
Commenting on the investment in RedMart, Saverin said, “The logistics and technology platform the RedMart team is building extends far beyond selling groceries in Singapore. The founders’ ambition is boundless, their execution near flawless and I am excited to help them to realise their vision.”
“At RedMart, we’ve always aimed to raise money from experienced entrepreneurs. We’re extremely fortunate to have the opportunity to learn from such accomplished entrepreneurs such as Eduardo, Jani, Steve, Meng, Teng, and Hari. Their guidance will be invaluable as we rapidly scale the business,” said Roger Egan, Co-founder and CEO, RedMart.