SINGAPORE-BASED food tech startup, Grain, has raised US$10 million in a seed round led by Thailand's Singha Ventures, as it looks to expand to other Asian cities, starting with Bangkok.
With the proceeds, the company is also 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, that is part of 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, while 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 Grain expand in South-east Asia, and realise their regional vision."
Specifically for 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, added Mr Bhirombhakdi.
Under this partnership, Grain will also be able to gain clearer insights of the target audience in Bangkok, which will help them develop better products and services, the company said.
Added Grain co-founder and CEO, Yi Sung Yong: "Grain achieved profitability in December 2018. This is 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."