Online grocery service RedMart has taken a $5.4 million bridge round leading up to a larger Series B.
The Singapore-based site, which lets consumers order groceries and schedule deliveries, said via email that its top backer is Eduardo Saverin, one of Facebook’s co-founders.
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“I believe that time-starved consumers will increasingly value convenience in purchasing their daily essentials,” said Saverin in a statement on the news.
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“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.”
Other investors for this round of funding include existing backers Steve Melhuish and Jani Rautiainen (Property Guru founders), Meng Weng Wong (co-founder of incubator JFDI), Wee Teng Wen (founder of The Lo & Behold Group), and Lion Rock Capital.
RedMart was founded in October 2011 and has raised a total of $10 million to date.
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