Singapore gaming company Garena has led an investment in Singapore-based Redmart, an online grocery store, as part of an undisclosed Series A round that is “in the millions”, according to co-founder and chief executive officer, Roger Egan. News reports have pegged the latest round at about $3m.
According to news reports, its previous three seed rounds add up to $1.3m. Redmart is also reportedly likely to fundraise again later this year, according to Egan, when the company’s valuation is expected to rise following in-house technology investment. The company has recently made updates to its e-commerce platform, warehouse management system and also rolled out a customer software application for iPhone users. The growth strategy at present does not include expansion outside of Singapore given the nation is very much geared up for the FMCG sector, namely groceries and sundries. The company, which has been in operation for two years, has annual sales of $5m.