Participated · Series B · May 2019

Grain operates a full-stack cloud-kitchen model, running its own chefs, menus, hub kitchens and last-mile delivery to control product quality. Founded in 2014 and based in Singapore, the company is profitable, has more than 100 staff and delivers thousands of meals per day. It reports eight-figures in annual sales and saw 200% growth last year. Grain is preparing regional expansion starting with a launch in Bangkok and is expanding hub kitchens and a fleet of retrofitted delivery trucks. Management says it tightened fundamentals after nearly running out of capital and rebuilt quality infrastructure following a 2017 food-poisoning incident. The company previously raised a $1.7M Series A in 2016. Grain runs a vertically integrated food delivery service in Singapore, preparing, cooking, managing orders and delivering meals through its own logistics. It keeps a narrow rotating menu (four meals daily) priced at SG$9.95–SG$12.95 with delivery fees that vary by area, a model the company says enables unit profitability. Grain employs about 50 people, including 10 in tech, and plans to increase headcount with the new funding. A significant portion of the financing will be used to improve operational efficiency, including deploying mobile distribution hubs to cover 2.5km² areas and speed last‑mile delivery via scooters, bicycles and foot couriers. The hubs will allow better temperature control of meals and could enable an expanded menu (potentially six meals per day). Grain is focused on developing its Singapore operations while planning expansion to Hong Kong later in the year and considering Shenzhen, Beijing and Indonesia for the future.

Participated · Equity · Jun 2018

M17 operates live-streaming apps such as 17 Media and LIVIT and a talent agency, Unicorn Entertainment. Its core product, 17 Media, enables creators to monetize via in-app gifts and social commerce; in January it processed over $500 million in virtual gifts for 30,000 exclusive content creators. The company says it is the largest live streaming platform in Japan with more than 60% market share and has seen a record number of artists and users sign up during the COVID-19 pandemic. M17 plans to use new funding to drive growth in Japan and expand into the United States, the Middle East and other regions, with a gradual LIVIT rollout in the U.S. over the next two years. The company previously cancelled a planned New York Stock Exchange IPO in June 2018 and has continued to raise private funding. The new capital is intended to support product rollouts, geographic expansion and further user acquisition. M17 is a Taiwanese live-streaming company that also offers dating via Paktor (which merged with M17 last year) and has launched short-video app PiePie and a U.S. streaming app called LiveAF. The company says it will use new capital to fund growth initiatives including infrastructure and feature development, resources and training, and expansion into the U.S. M17 said it is on target to book $170 million in sales for the year, up from $79.5 million in 2017, but reported an overall loss of $36.4 million for that year. In Q1 2018 the company reported $37.9 million in revenue and a $24.8 million loss, per its listing document. At the time of its IPO filing M17 reported $31.4 million in cash and cash equivalents, and the article notes finances were tight. The company has about 600 employees across seven offices in Taiwan, Singapore, Hong Kong, Japan, South Korea, the U.S., and Malaysia. M17 is a Taiwan-based company that operates a live-streaming platform and a data app business, and also runs dating services via its merger with Singapore-based Paktor. The company monetizes by selling virtual gifts to viewers who give them to streaming artists; dating services account for under 10% of revenue. Revenue surged 3.2X year-on-year, but M17 reported a negative $24.8 million loss in the first three months of 2018 and had $31.4 million in cash and cash equivalents. Active user growth was stagnant and revenue is highly concentrated: the top 10 users generated 12% of all revenue (about $447,220 per user in Q1 2018), the top 500 users produced the majority of revenue, and the top 100 streamers captured over one-third of artist income. M17 had pursued a U.S. IPO that was scaled down from an original $115 million target to around $60 million, but the NYSE listing was halted due to "settlement issues" after shares priced at $8. The company will remain private after taking a $35 million injection from existing backers, but it will need a clear Plan B to extend runway and address losses and user-growth challenges.

Participated · Equity · Jul 2016

Paktor operates a Tinder-like mobile dating app alongside an offline matchmaking service. The company claims over 20 million users worldwide, employs 110 staff, and is four years old. It recently hit net profitability and had raised $22 million prior to this new round, including a roughly $10 million round this past summer that it has not yet spent. Paktor is using new funding to expand beyond pure dating into "social entertainment," though specific product details have not been disclosed. CEO Joseph Phua said the cash cushion allows the company to explore one-to-many and multi-person media experiences, citing products like House Party and Momo's live-streaming feature as reference points. The business also powers bespoke dating services with media partners in Latin America, the U.S., and Europe while maintaining a focus on Southeast Asia and neighboring markets. Paktor operates a Tinder-like dating app that has expanded into offline events and services such as group travel and speed dating. The company is pushing a wider global expansion with recent launches planned for Japan and South Korea and hires of former IAC executives to run international growth. Paktor has pursued M&A and media partnerships to extend distribution, acquiring South America-based Kickoff and nearing two further acquisitions that would bring its combined footprint to about 15 million registered users. The company previously reported around six million registered users in its core Southeast Asia base (no updated figure provided). Paktor says engagement has risen — average daily swipes increased from 160 to 200, average daily time from 30 to 40 minutes, and active chats (3+ exchanges) have grown 200%. Financially, it is targeting at least $10 million in revenue for the year and has introduced smaller, more affordable subscription options for emerging markets. Paktor operates iOS and Android dating apps and has also launched a web-based version and a desktop site to boost engagement. The app has 1.5 million registered users (60% aged 18–24), has generated over 40 million matches and records about 10 million swipes per day. The company has physical presences in Singapore, Thailand, Malaysia and Taiwan and has piloted an offline, specialist one-on-one matching service called Gai Gai in Singapore. Paktor is focused on a sustained marketing push across Southeast Asia and plans to roll out differentiated versions of its offline service in its four largest markets over the next year. The team was founded in July 2013 by Joseph Phua, Ng Jing Shen and Charlene Koh. For now the company is not heavily monetizing but may introduce subscription services in the future.