Singapore-based Grain, an online food company with “a mission to improve lives through meaningful food experiences” has raised US$10 million Series B funding. This round of funding is led by Singha Ventures and participated by new investors including Genesis Alternative Ventures, Sass Corp, K2 Global, FoodXervices and Majuven.
Singha Ventures is a corporate venture capital fund of Singha Corporation, part of Boonrawd Brewery Group, a Thai conglomerate with a strong presence in alcoholic and non-alcoholic beverage, food, packaging and property sectors. Grain said the new investment will be used to build infrastructure to support revenue of $100 million and ramp up growth in Singapore. The online food company also plans to expand to other Asian cities, with Bangkok, Thailand, being the first on its roadmap.
"We see great potential in Grain and believe that our collaboration will help Grain expand in Southeast Asia and realise their regional vision,” said Bhurit Bhirombhakdi, chairman of the executive board at Singha Ventures. “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."
Last year, Grain announced that 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 Yi Sung Yong, Grain co-founder and CEO.
As the company gears up for growth, Grain said “delighting customers” will remain its top priority.
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