Singapore-based Grain, an online restaurant which utilizes large data set and tech-powered distribution for serving of food has bagged a fresh round of investment. In the freshly raised Series B financing, the company is receiving $10 million from Singha Ventures. Genesis Alternative Ventures, Sassoon Investment Corporation, K2 Global, FoodXervices, and Majuven also participated in the round.
The other backers who have invested capital in the 2014 founded company include the names like 500 Startups, First Gourmet, Ivan Lee, FoodXervices, Majuven, Openspace Ventures, Cento Ventures, DBS Bank, Ten Wen Wee, and others. The total amount raised by the firm now stands at $14.2 million. The company will utilize the funds in building infrastructure which will help them target $100 million in revenue. The infrastructure will be automation powered.
The platform was launched in 2014 by Ernest Sim, Isaac Tan, Rifeng Gao and Yi Sung Yong. Unlike other players in the segment, Grain has complete control of the kitchen, the menu, and the delivery team.
Singha Ventures' Bhurit Bhirombhakdi through a statement said that Grain will work with Singha by utilizing Singha’s extensive F&B network across Thailand, including logistics and distribution, to bring delightful innovations to consumers. We see great potential in Grain, and believe that our collaboration will help Grain expand in South-east Asia, and realize their regional vision."
Yi Sung Yong, the CEO of the company talking about the profitability noted that "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."
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