Deals

Facebook co-founder leads $5.4M round for online grocer

Online grocery service RedMart has taken a $5.4 million bridge round leading up to a larger Series B.

The Singapore-based site, which lets consumers order groceries and schedule deliveries, said via email that its top backer is Eduardo Saverin, one of Facebook’s co-founders.

RedMart has already been fundraising for its second institutional cash infusion, which it expects to close before August 2014.

ā€œI believe that time-starved consumers will increasingly value convenience in purchasing their daily essentials,” said Saverin in a statement on the news.

“The logistics and technology platform the RedMart team is building extends far beyond selling groceries in Singapore. The foundersā€™ ambition is boundless, their execution near flawless and I am excited to help them to realize their vision.ā€

Other investors for this round of funding include existing backers Steve Melhuish and Jani Rautiainen (Property Guru founders), Meng Weng Wong (co-founder of incubator JFDI), Wee Teng Wen (founder of The Lo & Behold Group), and Lion Rock Capital.

RedMart was founded in October 2011 and has raised a total of $10 million to date.