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Facebook co-founder Eduardo Saverin backs Singapore online grocery RedMart

24 Jan 2014

Singapore-based online grocery service RedMart has closed a $5.4m bridge round, led by Facebook co-founder Eduardo Saverin.

The bringing brings the total funding since the company’s inception in 2011 to $10m.

The round was led by Facebook Co-¬founder Eduardo Saverin. Other investors included Property Guru Founders Steve Melhuish and Jani Rautiainen; Meng Weng Wong, co-founder of incubator JFDI; Wee Teng Wen, founder of The Lo & Behold Group, and Lion Rock Capital, headed by Hari Kumar, founder of TPG Axon.

The bridge financing will be used to build out “bleeding-¬edge fulfillment technology and infrastructure” to accommodate the company’s growth, it said. It is a precursor to a larger Series B round, for which the company has already started the process of raising and expects to close in the next five months.

“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 RedMart Roger Egan, co-¬founder & CEO.

Saverin added, “I believe that time-starved consumers will increasingly value convenience in purchasing their daily essentials. 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 realize their vision.”

Previous investors include Forrest Li,CEO of Garena; Toivo Annus, Skype Co-¬founder; Boon Ling Yee, former commercial Director of Tesco China; Vinnie Lauria; and founding partner at Golden Gate Ventures.

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