Local food startup bags US$10m in Series B funding

Singapore

SINGAPORE-BASED food-tech startup Grain has raised US$10 million in a Series B funding round led by Thailand's Singha Ventures, as it looks to expand to other Asian cities, starting with Bangkok.

With the proceeds, the company (which offers everyday meals and catering and has its own chefs, menu and delivery team), is aiming to ramp up growth in Singapore, and build infrastructure to support revenue of US$100 million, it said.

Singha Ventures is a corporate venture capital fund of Singha Corporation, which is part of the Boonrawd Brewery Group. The group is a Thai conglomerate with a presence in the food and beverage (F&B), packing and property sectors.

The latest injection of funds includes a mix of equity and venture debt. Also taking part in the seed round are Genesis Alternative Ventures, Sassoon Investment Corp, Ozi Amanat/K2 Global, FoodXervices and Majuven.

Sassoon Investment Corp is the family office of the Sassoon family, who are shareholders of The Coffee Bean & Tea Leaf; Ozi Amanat/K2 Global is an investor in Impossible Foods, Spotify and Airbnb, among other companies.

Returning investors include Openspace Ventures, Raging Bull and Cento Ventures.

Bhurit Bhirombhakdi, chairman of the executive board at Singha Ventures, said: "We see great potential in Grain, and believe that our collaboration will help it to expand in South-east Asia and realise their regional vision."

Specifically in Thailand, Grain will work with Singha to leverage its extensive F&B network across the country, including logistics and distribution, to bring new innovations to consumers, he added.

This partnership will give Grain clearer insights into the target audience in Bangkok, which will help it to develop better products and services, the company said.

Grain co-founder and chief executive Yi Sung Yong said: "Grain achieved profitability in December 2018. This was a huge milestone for us, because it proves that we have what it takes to be a sustainable company.

"We want to disrupt the F&B landscape and evolve with consumer preferences, and, at the same time, have solid fundamentals. This is just the start."