Online grocery RedMart nets US$5.4m funding

LOCAL online grocery store RedMart has raised US$5.4 million in its latest round of funding. The two-year-old site was launched in late 2011, and has raised US$10 million to date across its first three seed rounds, as well as its Series A round that it closed in July last year.

A bridge round is Silicon Valley lingo for a round of funding that comes between two significant rounds. This bridge round is expected to sustain RedMart as it prepares to raise its Series B, which it said will close in the next five months.

By raising funds every half a year or so, RedMart's pace of fundraising is higher than the typical dotcom in Singapore, but the company needs to keep its capital-intensive operations running.