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East Ventures invests in Singapore online grocer RedMart

redmart logoEast 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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