Singapore-based startup Fairmart announced the closing of an oversubscribed S$2 million (US$1.5 million) seed round co-led by Quest Ventures and Entrepreneur First, with participation from SOSV, Vectr Ventures and Hustle Fund. The company supports the digital transformation of minimarts, grocery and specialty stores in Singapore by automating inventory and omni-channel engagement.
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Founded in 2020 and headquartered in Singapore, Fairmart helps SME retailers digitise their inventory in less than 30 minutes, creating new opportunities to capture shoppers at the start of their search journeys. Fairmart was founded with support from Enterprise Singapore’s incubation partner, Entrepreneur First.
“Fairmart is solving the perennial problems that prevent local retailers from leveraging the benefits of digitisation, starting with the most labour and time-intensive task of managing online inventory,” said Jan Gasparic, CEO and Co-Founder of Fairmart. “By enabling automated listings, Fairmart helps local shoppers find what they’re searching for, while enabling retailers to focus on what they do best: driving sales and customer 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 see what’s available and either reserve for pick up or order directly. This enables brick-and-mortar retailers who are recovering from the pandemic to adapt to evolving shopper behaviours.
“The pandemic has altered shopper habits towards a digital shopping journey. However, there is no solution that addresses the unique challenges of SME retailers digitising their inventory for search. Fairmart’s solution addresses these challenges directly with minimal capital and talent cost outlay,” said Jeffrey Seah, Partner at Quest Ventures.
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“Our mission at Fairmart is to put Singapore stores on the map, so that the next time shoppers search for a product online, they will see their local minimart or grocery store in their search results,” concluded Jan Gasparic.