Online grocery RedMart recently announced that they’ve raised $5.4 million in their latest round of funding led by Facebook co-founder Eduardo Saverin, Wee Teng Wen, founder of The Lo & Behold Group that owns Loof and Overeasy in Singapore, Property Guru founders Steve Melhuish and Jani Rautiainen, as well as JFDI co-founder Meng Weng Wong.
RedMart’s already an incredible success story — according to CEO and co-founder Roger Egan revenue’s grown from 20 to 30 percent a month since the company raised their Series A in July last year and has expanded from 75 to 115 employees — but the all-star lineup of investors is still something to gawk at.
Egan says the $5.4 million — which brings RedMart’s total amount of funding to $10 million —will be used to build its logistics infrastructure and technology to support the company’s growth.
“We were going to do a smaller bridge round, but we were growing so fast we were running out of warehouse space and didn’t have enough delivery trucks,” said Egan. “We needed to expand faster than we thought.”
Eduardo Saverin, who now resides in Singapore, has called RedMart’s founders’ ambition boundless and their execution near flawless.
“I am excited to help them realise their vision,” he said.
Photo: RedMart Facebook
Source: TechCrunch
