RedMart Singapore raises $26.7m
Singapore online grocer RedMart has raised more capital and appointed a former Amazon executive to drive regional expansion.
RedMart Singapore has previously indicated an interest in expanding into Vietnam, Thailand, Manila, Hong Kong, Indonesia, Malaysia and Taiwan – but it has not disclosed which markets it sees as a priority with its newly secured funds.
RedMart has secured US$26.7 million in a round of funding tapping existing shareholders Garena, Softbank Ventures Korea, Visionnaire Ventures and Facebook co-founder Eduardo Saverin. It has also attracted a new investor – Far East Ventures, part of Singapore property developer Far East Organization which is diversifying its investment portfolio eyeing startups and tech ventures.
The funds will be used to expand into regional markets outside Singapore, a move to be led by new recruit Colin Bryar, a former VP of US eCommerce giant Amazon.
RedMart Singapore increased sales to US$9.43 million in 2014, but massive investment in infrastructure saw its losses balloon to $29.4 million – a not uncommon scenario of eCommerce startups.
Bryan will oversee engineering, marketing and operations, taken over from co-founder Vikram Rupani, who takes on the title of President of RedMart.
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