Singapore-based online grocer RedMart has received $26.7m in bridge funding from internet platform Garena and Softbank Ventures Korea, a corporate venturing unit of telecommunications company Softbank, Tech in Asia reported yesterday.
Far East Ventures, the venture capital arm of property developer Far East Organisation, investment firm Visionnaire Ventures and Eduardo Saverin, a co-founder of social network Facebook, also took part.
Founded in 2011, RedMart operates an online shopping platform for groceries and household items. The company, which already delivers seven days a week, will reportedly use the cash to start delivering groceries within hours and to build out its own label produce.
The company plans to follow the bridge funding with a series C round later this year that will support international expansion and product development.
RedMart previously raised $23m in a July 2014 series B round backed by Garena and Softbank, which invested through corporate venturing subsidiary Softbank Capital, as well as Visionnaire and Saverin. Garena provided $4.6m in series A funding for RedMart in 2013.