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.