Singapore-based online grocer RedMart.com raised $23m in a series B round on Monday led by internet platform Garena and featuring Softbank Capital, the corporate venturing unit of telecommunications company Softbank.
Investment firm Visionnaire Ventures and Facebook co-founder Eduardo Saverin also participated in the round.
Founded in 2011, RedMart sells groceries and household products on its website, delivering to customers seven days a week. It will use the cash will support the increase of its operational capacity and an expansion into fresh food.
RedMart previously raised $4.6m from Garena in its July 2013 series A round.
Garena CEO Forrest Li said: “Garena is one of the pioneer investors in RedMart, participating in its series A financing round one year ago. Since then, the company has hired world-class talent, and demonstrated remarkable progress and flawless execution that exceeded our expectations. We are confident of RedMart’s incredible potential for growth.”