Fave, a mobile online-to-offline (O2O) platform in Southeast Asia, announced today that it has raised over US$20 million in a Series B round from investors including Sequoia India, SIG Asia Investment, and Ventura Capital.
This fresh funding will help accelerate the company’s growth for the benefit of both offline retail businesses and consumers.
Over the last two years, Fave has evolved into Southeast Asia’s largest mobile loyalty and rewards platform as it helps retail businesses reach out to millions of customers with discounts, bookings, and cashback offers.
In 2017, it performed a hat trick and acquired Groupon Singapore, Malaysia and Indonesia.
And this year, the platform is expected to drive over US$100 million in revenue to these offline businesses.
Beyond deals, Fave has also rolled out a mobile payment solution FavePay, which has proven to be very popular with customers due to its cashless convenience and cashback reward.
Leveraging on the mobile-centric market in SEA, Fave has seen an annual growth rate of 300% and adoption in over 15 cities across Singapore, Malaysia and Indonesia.
“Consumer behaviour is changing with buyers spending more time online than offline, so Fave aims to help make it easy for all offline businesses to go online through the Fave platform,” said Joel Neoh, founder of Fave.
“This helps retail businesses in food and beverage, consumer goods, lifestyle services, and other categories to transform themselves to meet the needs of tech-savvy consumers in Southeast Asia.”
“As a mobile platform, our goal is to serve 100,000 offline businesses by 2019 and we are very excited as this funding will help us get one step closer to achieve that milestone.”
Featured Image Credit: Hitch Century
