Golden
Grain (company)

Grain (company)

Grain is an online food company with a mission to improve lives through meaningful food experiences. Grain offers everyday meals and catering.

Grain is an online food company that offers online catering and food delivery services to the Singapore market through its website and mobile application. They serve food to customers across Singapore. The four co-founders of Grain were featured in the 2016 edition of Forbes 30 under 30.

History

Grain was jointly founded in 2013 by four co-founders--Yi Sung Yong, Ernest Sim, Rifeng Gao, and Isaac Tan and initially launched as a personalized meal subscription service. The company touted itself as a healthy meal alternative for customers in the Singapore CBD and Orchard areas.



In May 2014, it was relaunched as an on-demand service that allows customers to order for same-day delivery in Marina Bay, Singapore. The initial model required customers to share their preferences and plot out a week in advance; this proved difficult because their team of chefs were forced to create many different variations of dishes in a single day. The new on-demand service was designed to better meet customer needs by allowing them to order any number of items between a certain time frame. The order would then be delivered to the customer. As of 2016, it is possible to deliver to any location in Singapore.



All dishes offered by Grain are health- and taste-conscious, designed by a team of chefs. They are prepared and packed inside Grain’s facilities, then delivered by couriers on cars, bikes, bicycles or on foot.



Users order food via the website or mobile application through a standard e-commerce platform process that features a cart and list of products--in this case a menu. It is possible to create a user account and choose when the order is to be delivered.



Grain’s menu is designed by their in-house R&D team led by Chef Isaac, who apprenticed under Gordon Ramsay’s protégé and has cooked for Arrested Development, Slum Village and Fat Joe. It features shared meals for groups, as well as meal boxes and other items that include sides, desserts, and drinks. These are rotated once every quarter, all designed to be “fresh, wholesome, healthy, and tasty”.



Besides individual meals, the company also offers buffet catering for corporate events and parties. These dishes are developed by their R&D team and prepared by in-house chefs.



Funding and Growth

In January 2016, Grain secured an estimated SG$2.45 million (US$1.70million) in a series A funding round led by Openspace Ventures (formerly NSI Ventures). Other initial investors include 500 Startups, Digital Media Partners, and Thai Express founder Ivan Lee.



In December 2016 the company raised an undisclosed amount in pre-series B funding in another round also led by Openspace Ventures. This round included existing investors DMP and Ivan Lee while also gaining the support of Wee Teng Wen of the Lo & Behold Group. At the same time, Grain also raised an undisclosed amount in venture debt from DBS Bank.



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 percent of Grain users were repeat customers.



In February 2018, Grain secured another undisclosed sum from investors that include Majuven, a venture capital fund founded by Lee Hsien Yang. Other new backers include FoodXervices and First Gourmet; existing investors Openspace, Ivan Lee and 500 Startups were also involved.

Timeline

February 2018

Raise undisclosed sum from fund managed by SingPost’s ex-chairman

In February 2018, Grain secured another undisclosed sum from investors that include Majuven, a venture capital fund founded by Lee Hsien Yang. Other new backers include FoodXervices and First Gourmet; existing investors Openspace, Ivan Lee and 500 Startups were also involved.

December 2016

Pre-series B funding

In December 2016 the company raised an undisclosed amount in pre-series B funding in another round also led by Openspace Ventures. This round included existing investors DMP and Ivan Lee while also gaining the support of Wee Teng Wen of the Lo & Behold Group. At the same time, Grain also raised an undisclosed amount in venture debt from DBS Bank.

January 2016

Series A funding

In January 2016, Grain secured an estimated SG$2.45 million (US$1.70million) in a series A funding round led by Openspace Ventures (formerly NSI Ventures). Other initial investors include 500 Startups, Digital Media Partners, and Thai Express founder Ivan Lee.

May 2014

Relaunched

Grain was relaunched as an on-demand service that allows customers to order for same-day delivery in Marina Bay, Singapore.

2013

Grain was born

Grain was jointly founded in 2013 by four co-founders--Yi Sung Yong, Ernest Sim, Rifeng Gao, and Isaac Tan--and initially launched as a personalized meal subscription service.

People

Name
Role
Related Golden topics

Ernest Sim

Chief Technology Officer



Isaac Tan

R&D Chef



Rifeng Gao

Chief Financial Officer



Yi Sung Yong

Chief Executive Officer



Further reading

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Companies

Company
CEO
Location
Products/Services

Grain

Yi Sung Yong

Singapore

Food and beverages

References