Grain, an online food company based in Singapore, announced that it has received a US$10 million Series B funding. The funding round was led by Singha Ventures and new investors participating in the round include Genesis Alternative Ventures, Sass Corp, K2 Global, FoodXervices, and Majuven joining returning investors like Openspace Ventures, Raging Bull (founded by Ivan Lee), and Cento Ventures.
Beside host of the mentioned investors, Grain’s Series B round was also joined by Genesis Alternative Ventures and Sassoon Investment Corporation (the family office of the Sassoon family, shareholders of The Coffee Bean & Tea Leaf), and Ozi Amanat, who is an early Spotify investor.
Grain said that the new investment will be used to build infrastructure and ramp up growth in Singapore. The investment is a mix of equity and venture debt.
Singha Ventures is a corporate venture capital fund of Singha Corporation, part of Boonrawd Brewery Group, Thailand’s conglomerate dominating alcoholic and non-alcoholic beverage, food, packaging, and property sectors.
Grain shared its plan to expand to other Asian cities, with Bangkok being its first foray. “Specifically for Thailand, Grain will work with Singha by utilising Singha’s extensive F&B network across the country, including logistics and distribution,” said Bhurit Bhirombhakdi, Chairman of the executive board at Singha Ventures.
Right now, Grain is said to hold the fifth place on Singapore’s fastest growing companies, a study conducted jointly by The Straits Times and Statista.
Offering everyday meals and catering, the company describes itself as an online food company that focusses on the customer experience — from creating dishes customers love to designing the perfect menu to going the extra mile to make each meal unforgettable.