Fave raises Series B round of over US$20mil from existing and new investors
By Digital News Asia September 6, 2018
- Goal is to serve 100,000 offline businesses by 2019
- Current round investors include Sequoia India, SIG Asia Investment and Venturra Capital
FAVE, Southeast Asia’s (SEA) fastest growing mobile O2O (online to offline) platform an annual growth rate of 300% and recording millions of transactions, today announced that they have raised over US$20 million (RM82.9 million) in a Series B round from strategic and existing investors including Sequoia India, SIG Asia Investment and Venturra Capital.
Over the last two years, Fave has evolved into SEA’s largest mobile loyalty and rewards platform, helping retail businesses reach out to millions of customers with special offers, bookings, and cashback solutions. Its FavePay product offers a cashless mobile payment experience and has proven to be very popular with customers due to its convenience and cashback reward.
Fave claims it has already helped tens of thousands of offline businesses reach mobile consumers. It projects that in 2018 alone the platform will drive over US$100 million (RM414.6 million) in revenue to these businesses. These businesses offer over 40,000 active rewards that are available through the Fave app, which has a 4.5* rating and has been used by three million consumers. Commenting on Fave's progress, Pieter Kemps, Principal of Sequoia Capital (India) Singapore says, "Sequoia India has been impressed with their execution and exceptional growth, and is happy to support Fave on their journey to create a cashless society."
In a report by Google, SEA was identified as one of the world’s most mobile-centric regions with many consumers leapfrogging desktop PC’s altogether. With an estimated 200 million digital consumers in the region, Fave believes that it is in a unique position to help offline businesses in SEA reach out to these consumers. Leveraging this large market opportunity, Fave has seen , and has seen adoption in over 15 cities across Singapore, Malaysia and Indonesia.
“Consumer behavior is changing with buyers spending more time online than offline, and so Fave aims to help make it easy for all offline businesses to go online through the Fave platform. This helps retail businesses in food & beverage, consumer goods, lifestyle services and other categories to transform themselves to meet the needs of tech-savvy consumers in SEA," says Joel Neoh (pic, right), founder of Fave.
As a mobile platform, Fave's goal is to serve 100,000 offline businesses by 2019, adds Neoh. "And, we are very excited as this funding will help us get one step closer to achieving that milestone.”
"Everyone talks about the cashless society, but making the actual shift requires an exceptional user experience, with clear benefits for the users as well as for businesses. If you help businesses drive revenue and reduce operational burden, you can truly drive adoption and create choice for consumers. Fave knew this when it launched FavePay," says Kemps.
With this funding round, Fave claims to have become one of SEA’s leading internet companies and the new round of funding will ensure the company can continue to accelerate its strong growth for the benefit of both offline retail businesses and consumers.