Singapore Online Grocery Startup RedMart Raises USD 23 Million in Series B Round Led by Garena, SoftBank Ventures, Visionnaire Ventures, and Facebook Co-founder Eduardo Saverin
Singapore – July 14th, 2014
RedMart.com, a Singapore-based online grocer, today announces that it has successfully raised a USD 23 Million Series B round from existing investors Garena and Eduardo Saverin as well as new investors Visionnaire Ventures and SoftBank Ventures. This brings its total funding to USD 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.
“We are delighted to have partners who share our belief in focusing on the long term and encourage us to dream big. 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 & CEO.
Forrest Li, Founder and Group CEO of Garena, which is the lead investor in the Series B round, said, “Garena is one of the pioneer investors in Redmart, participating in its Series A financing round one year ago. Since then, the company has hired world-class talent, and demonstrated remarkable progress and flawless execution that exceeded our expectations. We are confident of Redmart’s incredible potential for growth.”
SoftBank Ventures, an early investor in Chinese e-commerce giant Alibaba, specializes 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 capitalize on the inevitable movement towards purchasing groceries online.” Keith is a veteran e-commerce and internet investor; during his tenure as a Yahoo! executive, he led or oversaw over 40 acquisitions, investments or joint ventures worth more than $6 billion in transaction value, including Yahoo!’s investment in Alibaba.
RedMart – redmart.com
RedMart is a Singapore-based online grocer that offers competitive prices on a wide range of groceries and household essentials with the convenience of home delivery 7 days a week.
RedMart was founded in March 2011 by Roger Egan, Vikram Rupani, and Rajesh Lingappa and is backed by well-respected investors and advisors, including Garena, Toivo Annus (Skype Co-founder), Eduardo Saverin (Facebook Co-founder), Jason Ackerman (CEO of FreshDirect), Visionnaire Ventures, and SoftBank Ventures.
Garena – garena.com
Founded by Forrest Li and headquartered in Singapore, Garena is a leading consumer Internet platform provider in Asia. Garena offers a wide range of products and services, including Garena+, a popular online gaming and social platform and BeeTalk, a mobile application for people to connect and communicate with one another based on locations and interests. Since its inception in 2009, Garena has grown to serve millions of users across Asia.
Visionnaire Ventures – visionnaireventures.com
Visionnaire Ventures is a global technology investment firm based in San Francisco, California. Visionnaire invests in seed, early and growth stage teams that leverage technology to evolve Internet and mobile experiences. The Visionnaire team is comprised of serial entrepreneurs and executives who have founded and operated global internet companies. It’s key investors are Taizo Son and Pavilion Capital, the investment arm of the Singapore sovereign fund, Temasek. Visionnaire is able to provide what early to growth stage companies need to build globally successful companies.
SoftBank Ventures Korea
SoftBank Ventures Korea is a venture capital company specialized in the IT industry. It is affiliated with the SOFTBANK Group, a global telecommunications, Internet and media conglomerate headquartered in Tokyo.