Facebook co-founder Eduardo Saverin moved to Singapore in 2009 and renounced his US citizenship in 2011. Now, in one of the few public investments he’s made, Saverin has just led a round of funding, along with other investors, in Singapore-based online grocery store RedMart.
RedMart, an online grocery service based in Singapore, announced today that it has closed a $5.4 million bridge round led by Facebook co-founder Eduardo Saverin; Property Guru founders Steve Melhuish and Jani Rautiainen; Meng Weng Wong, the co-founder of incubator JFDI; Wee Teng Wen, founder of The Lo & Behold Group; and Lion Rock Capital. The round was oversubscribed and brings RedMart’s total raised so far to $10 million. Co-founder and CEO Roger Egan told me that RedMart’s new funding will be used to build its logistics infrastructure and technology to support the company’s growth. Since RedMartraised its Series A in July 2013, Egan says its revenue has grown 20% to 30% per month.
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