RedMart, the Singapore-based e-grocer that counts internet company Garena and telecommunications group SoftBank as investors, is raising $100m in new funding, TechCrunch reported today.
Founded in 2011, RedMart runs an e-commerce platform that sells groceries to a Singaporean customer base, though this will likely be expanded post-funding, with Hong Kong and Indonesia set to be the company’s next two ports of call.
The investment would follow the $54m already raised by RedMart, which secured $26.7m in an August 2015 bridge round backed by Garena; Softbank Ventures Korea, which acts as SoftBank’s local investment arm; Far East Ventures, a subsidiary of property developer Far East Organisation; Visionnaire Ventures and Eduardo Saverin.
RedMart had already received $23m in a July 2014 series B round led by Garena that included SoftBank subsidiary Softbank Capital, Visionnaire and Saverin. Garena provided $4.6m in series A funding for the company the year before.
The latest round is expected to close in February or March, two sources with knowledge of the deal told TechCrunch.
– Photo courtesy of RedMart Ltd.