Singapore online grocery startup RedMart has raised a new round of funding that’s earmarked for expansion.
RedMart raised $23 million from existing investors Garena and Eduardo Saverin as well as new investors Visionnaire Ventures and SoftBank Ventures, bringing its total funding to $27 million.
The company will use the funds primarily to build operational capacity to support future growth and expand its product range to include fresh food.
“Our investors have an impressive track record in picking winners and we’re looking forward to learning from their tremendous experience to help us scale RedMart,” said Roger Egan, RedMart’s co-founder and CEO.
SoftBank Ventures, an early investor in Chinese e-commerce giant Alibaba, specialises in the e-commerce space. Visionnaire Ventures is a global technology investment firm based in San Francisco, California, with Taizo Son as an anchor investor and chief advisor.
Keith Nilsson, managing partner of Visionnaire Ventures said: “Online grocery retail is a huge, untapped opportunity in Southeast Asia and we believe RedMart is uniquely positioned to capitalise on the inevitable movement towards purchasing groceries online.”