Singapore’s foodtech startup Grain raises pre-Series B funding from Majuven, others after clocking 330 per cent growth
Grain’s meal boxes are focused on individuals and small groups while its buffets cater to corporate offices and events
Singapore-based online restaurant, Grain, has raised an undisclosed amount in funding led by investors including early-stage VC fund Majuven, food services company FoodXervices, and F&B company First Gourmet.
The firm’s existing backers such as NSI Ventures, Thai Express Founder Ivan Lee , and 500 Startups also returned to co-invest in this round.
The new investment is being used to scale Grain’s country-wide distribution network, prior to Series B fundraising.
Grain uses data and a tech-enabled distribution network to serve food to customers.
Also Read: Going against the Grain: Behind the scenes with this food startup
Here is how it works: a customer can choose from a variety of dishes and place his/her order via its online platform. Once the order arrives, the customer gets a notification on his mobile.
Its individual meal boxes are available at lunchtimes during the week and buffets are available six days a week. One can also pre-order up to four working days in advance.
Grain’s dishes are developed by its in-house R&D team and produced by professional chefs. Its meal boxes are focused on individuals and small groups while its buffets cater to corporate offices and events. Grain manages every aspect of the customer experience, from the recipe development to delivery.
The company’s clients include Yahoo, DBS, TripAdvisor, Oldendorff and Danone.
Grain claims that in 2017, it tripled its investment in technology and grew 330 per cent in sales, improving gross profits by more than 10 per cent. In 2017, 60 per cent of Grain users were repeat customers.
Commenting on the investment, Yi Sung Yong, Co-founder and CEO of Grain, said: “One of the biggest challenges people face every day is deciding what to eat – how to find consistently delicious, healthy and convenient food. We want to solve this problem by creating delicious food that makes you feel great as well as being easily accessible.”
In January 2016, Grain secured US$1.7 million in Series A investment, led by NSI Ventures, with participation from 500 Startups, Ivan Lee, DMP, Koh Boon Hwee (Managing Director of GK Goh Holdings) and other undisclosed angel investors.
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