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.”
In January 2012, RedMart recorded S$15,000 in monthly revenue, while in February 2013, it recorded S$250,000 in monthly revenue and S$3,000,000 in annual run rate revenue.
Read Also: 5 tips for startups to build cloud strategy: The RedMart way
“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.
Echelon 2012 alumnus, RedMart offers over 8,000 products and has invested heavily in logistics and delivery technology to offer accuracy. RedMart has also been very keen on creating one of the best teams for a smooth running organisation. Egan announced the hire of three key officials in July, 2013 – Tim Klem, Trudy Fawcett and Howie Chang.
The online grocery store has been following a market disruptive business model and has changed the axioms of grocery selling on the internet. Past investors of RedMart have been Skype, Golden Gate Ventures, TESCO China and Garena.
Featured and Lead Image Courtesy: RedMart.com