O2O platform Fave raises US$20 million
Southeast Asian mobile O2O platform Fave has raised more than US$20 million in a Series B round from strategic and existing investors.
The investing entities include Sequoia India, SIG Asia Investment and Venturra Capital.
Fave is currently Southeast Asia’s largest mobile loyalty and rewards platform, offering a cashless mobile payment services popular for its convenience and cashback rewards. The platform is expected to drive more than US$100 million in revenue to participating businesses this year.
Fave has experienced annual growth of 300 per cent, recorded millions of transactions, and has seen adoption in over 15 cities across Singapore, Malaysia and Indonesia. The company says the new round of funding will ensure the company can continue to accelerate its exponential growth
Fave founder Joel Neoh said 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 its 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 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.”
Principal of Sequoia Capital (India) Singapore Pieter Kemps said: “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. Sequoia India has been impressed with the company’s execution and exceptional growth, and is happy to support Fave on their journey to create a cashless society.”