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Singaporean online supermarket RedMart secures $5.4M in bridge round
Singaporean online grocery service RedMart announced that it has raised $5.4 million in a bridge round, according to TechCrunch.
Among the leaders of the said round are Facebook co-founder Eduardo Saverin, JFDI founder Meng Weng Wong, The Lo & Behold Group founder Wee Teng Wen, Property Guru founders Jani Rautiainen and Steve Melhuish, and Lion Rock Capital. The latest round brings RedMart's total capital to $10 million, the report explained.
Co-founder and chief executive officer (CEO) Roger Egan said the new funding will be used to build RedMart's logistics infrastructure and technology to prepare for growth and expansion, the report explained.
RedMart is presently on its way to a Series B funding round, which is expected to be closed by mid-2014. The proceeds from this financing will be used for the firm's expansion into new cities, the report said.
The online grocer typically gets between 22 and 26 items for every order. At present, RedMart has 16 delivery trucks. The company has designed Android software that can help truck drivers communicate with customers, manage their routes, and record their delivery times, TechCrunch reported.