Singapore based an online food company Grain has raised $10 million Series B funding. The investment round was a mix of equity and venture capital.
The funding round was led by Singha Ventures and Genesis Alternative Ventures, Sass Corp, K2 Global, FoodXervices and Majuven. Existing investors including Openspace Ventures, Raging Bull (founded by Ivan Lee) and Cento Ventures also participated in this round.
The new investment will be used to build infrastructure to support revenue of $100 million and ramp up growth in Singapore.
At the same time, Grain plans to expand to other Asian cities, with Bangkok being the first on the roadmap.
Bhurit Bhirombhakdi, Chairman of the executive board at Singha Ventures, said, “We see great potential in Grain, and believe that our collaboration will help Grain expand in Southeast Asia and realise their regional vision. Specifically for Thailand, Grain will work with Singha by utilising Singha’s extensive F&B network across the country, including logistics and distribution, to bring delightful innovations to consumers.” With Singha’s experience in the F&B sector, Grain will also be able to gain clearer insights of the target audience in Bangkok, which will help them develop better products and services.
Last December, the company achieved profitability.
“This is a huge milestone for us, because it proves that Grain has what it takes to be a sustainable company. We want to disrupt the F&B landscape and evolve with consumer preferences, but also have solid fundamentals. This is just the start,” said Sung, Grain co-founder and CEO.
Their rapid growth has put them at fifth place on Singapore’s fastest growing companies, a study conducted jointly by The Straits Times and Statista.
As the company gears up for growth, Grain stands firm on delighting customers as their top priority. The company describes itself as an online food company that focuses obsessively on the customer experience from creating dishes customers love to designing the perfect menu to going the extra mile to make each meal unforgettable.