SINGAPORE-BASED online grocer and marketplace RedMart said on Thursday it has closed a US$26.7 million bridge round, bringing the total funding since inception to US$54 million.
The latest round was led by existing investors Garena, SoftBank Ventures Korea, Visionnaire Ventures, Facebook co-founder Eduardo Saverin and new investors, including Far East Ventures.
RedMart said it will be raising a larger Series C round later this year to fund its international expansion, grow its grocery and marketplace business, launch its On Demand Marketplace, and invest in its dry and fresh private label offering.
Additionally, RedMart has also named Colin Bryar, previously a vice-president at Amazon, as its chief operating officer (COO). At Amazon, Mr Bryar held several retail and technology leadership positions as well as served for two years as technical adviser to CEO Jeff Bezos.
At RedMart, Mr Bryar will be responsible for its commercial, operations, engineering, and marketing efforts. Vikram Rupani, currently COO and chief financial officer, will take the role of president.
RedMart was launched in October 2011 by Mr Rupani, Roger Egan and Rajesh Lingappa.
Mr Egan, RedMart's CEO, said: "We continue to hire top talent with deep experience across technology, retail, and operations to our leadership team and throughout the company."