Food delivery startup Grain gets funding from NSI, 500 Startups, DMP, Thai Express founder

A source familiar with the deal tells Tech in Asia it's worth $1.70 million.

Grain, a food delivery startup in Singapore that promises healthy food “in a heartbeat,” has raised an undisclosed amount of funding in a series A round led by NSI Ventures. 500 Startups, Digital Media Partners, and Thai Express founder Ivan Lee also participated. A source familiar with the deal tells us it’s worth $1.70 million.

“This means we will be able to build up better infrastructure to help everyone eat better and conveniently,” it said about how it intends to use the funding. 

Grain said its weekly recurring customers include Microsoft, Palantir, Facebook, and Uber. Without revealing actual figures, the company disclosed that it grew 30% in Q4 2015.

 

The slate of investors includes strong expertise in the F&B industry. NSI Ventures founding partner Hian Goh sold off the Asian Food Channel before starting NSI.

Ivan’s operational expertise and networks will certainly boost Grain, which operates its own kitchen. Unlike Foodpanda, Grain runs the entire stack, from cooking to packaging to delivery. The approach requires tons of capital but could be more profitable in the long-run.

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This is an excerpt from Tech in Asia. You can read the full article here