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.

“I 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 founders’ ambition is boundless, their execution near flawless and I am excited to help them to realize their vision.”

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.