The Singapore-based startup will use newly raised capital to increase hiring, move to a bigger office and build more distribution channels
Singapore-based food delivery startup Grain has announced that it has gobbled up a Series A investment in a round led by 500 Startups and participated in by NSI Ventures, Ivan Lee (Founder of Thai Express), DMP, Koh Boon Hwee (Managing Director of GK Goh Holdings Ltd) and other undisclosed angel investors.
The investment amount, according to a reliable source, is said to be at US$2.45 million.
Grain will use this fresh capital to move to a “kitchen/office that is 10 times bigger at the end of February”, said Yi Sung Yong, Co-founder of Grain.
It will also seek to hire aggressively, expand production capacity and build more distribution hubs to transport its food from the kitchen to its Hotzones, or designated delivery zones that are exempted from delivery charges.
In addition to the funding, it also hired Derek Ang, who had previously helmed award-winning kitchen Privé, as a new chef.
Launched in 2013, Grain provides on-demand hyper-personal wholesome food delivery services. There is no minimum order (unless you are out of the Hotzone), and the food is delivered to any location in Singapore.
For now, though, Grain only offers lunch orders, and up to five days in advance. It plans to expand regionally in the near future.
According to Grain, more than 80 per cent of its customers rate their experience 4 or 5 stars (out of 5 stars). In Q4 2015, the company was achieving compounded monthly growth of more than 30 per cent and solid unit profitability.
“Heavy investment in food production and delivery in Asia in the last few years means the sector has advanced to a point where full-stack businesses like Grain make sense. Singapore is a critical market for food companies, and provides a good base to scale across the region,” said Mark Suckling, Principal at DMP.
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