Singapore-based online food company Grain will be ramping up growth in Singapore and expanding to other Asian cities starting with Bangkok after raising US$10 million in Series B funding. To do so, the company will be tapping on the expertise of Singha Corporation, which is part of Boonrawd Brewery Group in Thailand with a strong presence in food and beverages.
The round of funding is led by Singha Ventures, a corporate venture capital fund of Singha Corporation. The new investment will be used to build infrastructure to support revenue of US$100 million and accelerate growth in Singapore.
This comes shortly after the company, which was established in 2014, reached profitability last December. “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 Sung, Grain’s co-founder and CEO.
The collaboration between the two companies aims to help Grain expand in Southeast Asia and realise its regional vision. For its entry into Thailand, Singha will lend its experience in the F&B sector to help Grain gain clearer insights of the target audience in Bangkok, and develop better products and services.
“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,” added Bhurit Bhirombhakdi, chairman of the executive board at Singha Ventures. According to the press release, Grain’s top priority moving forward remains on customer experiences.