East Ventures invests in Singapore online grocer RedMart
March 8, 2013 by Terence LEE
East Ventures, a Singapore and Indonesia based early stage investment firm, has revealed that it has invested in RedMart, an online grocer serving the Singapore market.
The investment firm’s founder and managing partner Willson Cuaca is unable to disclose the exact investment sum at this point, although he did state this is still a seed round.
This latest investment caps off a strong start for RedMart in 2013, which recently unveiled its new 12,000 sq ft warehouse. On track to break even this year, its monthly revenue for January 2013 was approximately USD 250K, up from USD 15K in the same time last year — representing almost 16x growth.
Prior to this, RedMart has raised USD 1.29M in total, including from Golden Gate Ventures, a new early stage investment firm supported by the NRF’s Technology Incubator Scheme, as well as angel investors like Skype co-founder Toivo Annus.
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.
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