SG-based discounts and deals startup Fave said to eye $50m Series C funding

Fave

Fave, a Southeast Asian platform offering discounts and deals across food, beauty and fitness segments, is seeking to raise $50 million in an upcoming Series C round, according to two sources close to the deal.

The Singapore-based startup had last raised a $20 million Series B round from Sequoia India, SIG Asia Investment, Venturra Capital and other investors in September 2018. Its counts 500 Startups, Axiata Digital Innovation Fund and Segnel Ventures among its early investors.

When contacted, Fave declined to comment on its fundraising plans. It is understood to have roped in Bank of America (BofA) Securities for its Series C financing.

Fave has made a number of acquisitions to scale its operations of late, including CutQ, a Singapore-based food takeaway app, and FoodTime, a food ordering and delivery app from Malaysia. The company, however, is better known for acquiring Groupon’s Indonesia, Malaysia and Singapore operations in 2016 and 2017.

Fave (formerly Kfit) was founded in 2015 by Joel Neoh, the former CEO of Groupon’s Asia Pacific business. The company currently operates in over 18 cities across Indonesia, Malaysia and Singapore.

The startup boasts over 4 million app downloads and claims to have provided cashback worth over $6 million to its Singapore and Malaysia customers in Q2 this year. It competes with other rewards and cashback apps such as ShopBack and Rebate Mango in Southeast Asia.

Fave also indirectly competes with Southeast Asian super app unicorns such as Grab and Gojek, which offer food delivery and lifestyle services.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.