Food Delivery App, Grain Bags $10M To Become A Profitable Cloud Restaurant
Date:
April 08, 2024
Cloud restaurant is becoming a new trend of 2019
Food delivery startups are on the rise nowadays. And why wouldn't it be? First, we eat then we do everything else.
Recently, an online food delivery service, Grain raises $10 million in series B funding. The investment was led by Thailand-based Singha Ventures, a Venture Capital division of beer company.
Other investors in the food delivery app, Grain’s latest funding included Sass Corp, Genesis Alternative Ventures, FoodXervices, and K2 Global, who is known for investing in Spotify, Impossible Foods and Uber; and Majuven.
Existing investors Raging Bull, a Thai Express founder Ivan Lee Ventures, Cento Ventures, and Openspace Ventures also participated in the online food delivery service startup.
The food delivery app, Grain, was founded in 2014 and is headquartered in Singapore, Asia. It has expertise in delivering clean food and follows the same approach that online food delivery services like Deliveroo follow.
This round of funding involves venture debt as well as equity and surprisingly it also includes the family office of The Coffee Bean & Tea Leaf’s owner, Sassoon Investment Corporation.
One of the best home food delivery apps, Grain, was part of the cloud kitchens trend that is currently caught up rapidly across the world. For starters, the cloud kitchen refers to a restaurant that does not have a dine-in facility and accepts only online meal orders. They used to only have a base kitchen that facilitates online food delivery to user doors.
Food delivery startup’s CEO, Yi Sung Yon stated,
“We didn’t think of raising a Series B. Instead, we focused on the business and getting profitable. We thought that we can’t depend entirely on investors.”
Chairman of the executive board at Singha Ventures, Bhurit Bhirombhakdi, said,
"We see great potential in Grain and believe that our collaboration will help Grain expand in Southeast Asia and realize their regional vision."
The latest injection of funds will be used to expand its F&B network across the country, which includes logistics and distribution and to develop new innovations for customers.
The company has finally become profitable after the funding and following the cloud kitchen business model that excludes restaurants and delivery assistants. Although the company's founder, Yi Sung Yon, claimed that the company had already become profitable last year.
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