S'pore food tech start-up Grain bags $14m in Series B funding

Singapore-based online food company Grain said it is also aiming to ramp up growth here and build infrastructure to support revenue of US$100 million (S$135 million).
Singapore-based online food company Grain said it is also aiming to ramp up growth here and build infrastructure to support revenue of US$100 million (S$135 million).PHOTO: GRAIN

Singapore-based food tech start-up Grain has raised US$10 million (S$13.6 million) in a seed round led by Thailand's Singha Ventures as it looks to expand to other Asian cities, starting with Bangkok.

The company is also aiming to ramp up growth here 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 Boonrawd Brewery Group, a Thai conglomerate with a presence in the food and beverage (F&B), packing and property sectors.

The latest injection of funds into Grain includes a mix of equity and venture debt.

Genesis Alternative Ventures, Sassoon Investment Corp, Ozi Amanat/K2 Global, FoodXervices and Majuven also took part in the funding round.

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.

Mr 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) expand in South-east Asia."

Grain will work with Singha to leverage its extensive F&B network across Thailand, including logistics and distribution, to bring new innovations to consumers, added Mr Bhirombhakdi.

Grain co-founder and chief executive Yi Sung Yong said: "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.

A version of this article appeared in the print edition of The Straits Times on May 11, 2019, with the headline 'S'pore food tech start-up Grain bags $14m in Series B funding'. Print Edition | Subscribe