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From Facebook to RedMart – How Eduardo Saverin is Investing in Tomorrow
In an exciting financing move, one of the co-founders of social media giant Facebook, Eduardo Saverin, led a group of investors in funding an upstart Singapore online grocery retailer, RedMart. The total amount pledged totaled $5.4 million. Saverin joined the founders of Property Guru, Steve Melhuish and Jani Rautianen; Lion Rock Capital; restaurant chain owner Wee Teng Wen; and JFDI co-founder Meng Weng Wong.
Also adding to this round of fundraising was Pivotal Asia, a joint venture of Shane Chesson’s Orientation Capital and Hian Goh. Hian had some extra money to invest after selling the Asian Food Channel.
RedMart has its eyes set on success. The company brought in executives from successful online retailers Webvan (a former online grocery delivery company), eBay, and Singapore-based video streaming company Viki to be able to tap into their knowledge and expertise.
This financing round is just the beginning. A second, larger round will close before mid-year. ,,,,,contd...