O2O platform Fave raises over $20m in Series B from Sequoia India, SIG Asia, others

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Southeast Asia’s mobile O2O (online to offline) platform Fave has raised over $20 million in a Series B round from strategic and existing investors including Sequoia India, SIG Asia Investment and Venturra Capital, according to an official release.

The proceeds will be used for accelerating its growth plans and enabling the O2O platform to serve 100,000 offline businesses by 2019.

The Malaysia-based O2O platform, which was known as Kfit, is offering payments and rewards across multiple categories including food & beverage, beauty & wellness, services, activities, leisure and travel.

The company claims that in 2018, it will help drive over $100 million to businesses. Currently, these businesses offer over 40,000 active rewards to a user base of over 3 million consumers.

Last year, it announced the acquisition of Groupon Singapore, the city-state’s deals and discounts platform for an undisclosed sum.

According to data compiled by Crunchbase, Fave raised up to $15.25 million in equity funding and counts firms like 500 Startups, Axiata, Segnel Ventures and Sequoia Capital among its financial backers.

“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,” said Pieter Kemps, Principal of Sequoia Capital (India) Singapore.

Southeast Asia is poised to be a leader in mobile internet usage in 2018, according to a report by Google and Temasek. The region’s internet economy is estimated to hit $50 billion by the end of 2017, surpassing Google and Temasek’s expectations by 35 per cent. And this figure is expected to climb 300 per cent in 2025, to reach $200 billion.

Also Read:

VC-backed Fave acquires Groupon Singapore, consolidates market position

India: Sequoia-backed Tapzo app to wind up after acquisition by Amazon Pay 

O2O platform Meituan-Dianping gets funding from retail giant China Resources 

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.