Fairmart Raises USD$1.5M in Seed Funding
Fairmart, a Singapore-based platform that helps SME retailers to automatically digitise their products so shoppers can find them online, raised US$1.5M in Seed funding.
The round was led by Quest Ventures and Entrepreneur First, with participation from SOSV, Vectr Ventures and Hustle Fund.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Jan Gasparic, Fairmart supports the digital transformation of minimarts, grocery and specialty stores in Singapore by automating inventory and omni-channel engagement. Store owners pay a monthly subscription so that whenever they scan a product using Fairmart’s smart scanner, it adds that product to the store’s Fairmart page, along with Google and Facebook. Shoppers searching for products can quickly see what’s available and either reserve for pick up or order directly.
It is now available to retail stores in Singapore. Interested retailers can visit the Fairmart website and sign up for a demo.
Fairmart was founded with support from Enterprise Singapore’s incubation partner, Entrepreneur First.