Redmart, a Singaporean online grocery store, raised funds through a Series A round held recently. According to Roger Egan, Redmart's co-founder and CEO, the amount raised was "in the millions." Garena, a gaming firm based in Singapore, led the round. Toivo Annus, a co-founder of Skype, also participated in the Series A round as well as two seed rounds.
The Singaporean grocery store has previously raised funds from three rounds. The total amount raised so far, including this latest round, has reached US$4.6 million. "We believe we can increase our valuation a lot in the next six months, so we didn't want to raise too much right now," said Egan. Another round was set to be raised before the year ends, added Egan.
The grocer's se-commerce platform was updated recently by its technology team. Its warehouse management system was updated as well and an iPhone app recently rolled out. "We believe these improvements will have a significant impact on our valuation in a bigger round," said Egan.
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