RedMart Singapore raises $26.7m
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Singapore online grocer RedMart has raised more capital and appointed a former Amazon executive to drive regional expansion.
RedMart Singapore has previously indicated an interest in expanding into Vietnam, Thailand, Manila, Hong Kong, Indonesia, Malaysia and Taiwan – but it has not disclosed which markets it sees as a priority with its newly secured funds.
RedMart has secured US$26.7 million in a round of funding tapping existing shareholders Garena, Softbank Ventures Korea, Visionnaire Ventures and Facebook co-founder Eduardo Saverin. It has also attracted a new investor – Far East Ventures, part of Singapore property developer Far East Organization which is diversifying its investment portfolio eyeing startups and tech ventures.
The funds will be used to expand into regional markets outside Singapore, a move to be led by new recruit Colin Bryar, a former VP of US eCommerce giant Amazon.
RedMart Singapore increased sales to US$9.43 million in 2014, but massive investment in infrastructure saw its losses balloon to $29.4 million – a not uncommon scenario of eCommerce startups.
Bryan will oversee engineering, marketing and operations, taken over from co-founder Vikram Rupani, who takes on the title of President of RedMart.
Questions & Answers
Q.Which regional markets does RedMart intend to prioritise for expansion?
Which regional markets does RedMart intend to prioritise for expansion?
RedMart has not disclosed which specific markets it plans to prioritise, despite previously indicating interest in several countries including Vietnam, Thailand, and Hong Kong. The newly secured funds are intended for this regional expansion.
Q.How did RedMart's financial performance look in 2014?
How did RedMart's financial performance look in 2014?
In 2014, RedMart Singapore increased its sales to US$9.43 million. However, significant investment in infrastructure led to its losses growing to US$29.4 million during the same period.
Q.Who are the key investors in this latest round of funding for RedMart?
Who are the key investors in this latest round of funding for RedMart?
The recent funding round included existing shareholders like Garena, Softbank Ventures Korea, and Facebook co-founder Eduardo Saverin. Far East Ventures, linked to Far East Organization, also joined as a new investor.
Q.What is Colin Bryar's role at RedMart and what are his responsibilities?
What is Colin Bryar's role at RedMart and what are his responsibilities?
Colin Bryar, a former Amazon executive, has been appointed to lead RedMart's regional expansion efforts. He will oversee the engineering, marketing, and operations departments for the company.
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