Online restaurant Grain bags $10m in series B round

Singapore-based online restaurant Grain raised US$10 million in a series B round led by Thailand’s Singha Ventures.

Photo source: Grain

The round included engagement from new investors Genesis Alternative Ventures, Sass Corp, K2 Global, FoodXervices, and Majuven. Existing investors Openspace Ventures, Raging Bull, and Cento Ventures also participated, according to a statement.

K2 is also an investor in Impossible Foods, which makes plant-based substitutes for meat and dairy products.

Grain said it plans to use the fresh funding, which is a mix of equity and venture debt, to further its growth in Singapore and build infrastructure to support up to US$100 million in revenue.

The startup, which recently ranked fifth in a study by The Straits Times and Statista on Singapore’s fastest-growing companies, said it achieved profitability as of December last year.

It also said it plans to expand outside the country and into more cities in Asia, starting with Bangkok. “Specifically for Thailand, Grain will work with Singha by utilizing Singha’s extensive F&B network across the country, including logistics and distribution, to bring delightful innovations to consumers,” said Bhurit Bhirombhakdi, chairman of the executive board at Singha Ventures.