Singapore-based food delivery startup Grain grabs an undisclosed amount in pre-Series B from existing investor NSI Ventures. While DMP, and Ivan Lee (founder of Thai Express) re-joined to co-invest, along with new investor Wee Teng Wen of the Lo & Behold Group owner of popular food concepts such as OverEasy, The White Rabbit, Loof, and Michelin-starred Odette.
On the other hand, the startup has also raised an undisclosed amount in venture debt from DBS Bank. It has taken over a new 6,000 sq ft facility in April 2016 as part of this expansion.
The freshly raised funds will be utilized to expand production capacity, build more mobile distribution hubs and hire more employees. The startup also wishes to penetrate other parts of Asia as mentioned in the announcement.
Grain was incorporated in 2014, to provide on-demand hyper-personal wholesome food delivery services. There is no minimum order and the food is delivered to any location in Singapore, delivery fares vary as per location and the charges are from S$0 to S$9.50.
What sets it apart from other food delivery companies in Singapore is that it maintains control over every part of the process from R&D and cooking, right up till the last-mile delivery. It has collaborated with the winners of MasterChef Asia and MasterChef France, as well as Michelin Bib Gourmand restaurants to develop dishes for their meal box menu.
This year in January, Grain raised a US$1.7 million Series A round led by NSI Ventures, with participation from 500 Startups, Ivan Lee, DMP, Koh Boon Hwee and other undisclosed angel investors. Since this round of investment, it has doubled its revenue and is currently also serving major clients including Uber, Netflix, Twitter and Oldendorff on a recurring basis.
As a full-stack food delivery service, Grain works on the concept of a “restaurant on the cloud”. What this means is, wherever you are in Singapore, they will bring Grain meals to you. Including delivery to Sentosa island, if you consider that an offshore island. By attempting to develop a full-stack service, they are able to maintain a tight control over every single touch-point of the supply chain — from ingredient-selection, to menu-design, to cooking, to ordering and finally to delivery — everything is done in-house. Grain works with the best chefs, use high-quality raw ingredients and creative cooking techniques, to bring you delicious and wholesome food.
