Fave raises $27.5m in latest Series B funding

Online rewards firm Fave has raised about US$20 million (S$27.5 million) in its latest Series B funding round from existing investors, including Sequoia Capital India, SIG Asia Investments and South-east Asian venture capital firm Venturra Capital. All three were involved in its US$12 million Series A funding round back in early 2016.

Fave, which offers rewards and other incentives to drive customers to offline businesses, is the new name of Groupon Singapore, which was acquired by the Malaysia-based Fave Group last year. The group itself was founded by Mr Joel Neoh, Groupon's former head in the Asia-Pacific.

Fave said yesterday that its mobile loyalty and rewards platform will drive "over US$100 million in revenue" to offline businesses this year. "As a mobile platform, our goal is to serve 100,000 offline businesses by 2019... this funding will help us get one step closer to achieving that milestone," said Mr Neoh.

Fave said yesterday that its mobile loyalty and rewards platform will drive "over US$100 million in revenue" to offline businesses this year.

Fave has helped retail businesses reach out to customers with special offers, bookings and cashback solutions. It said its FavePay cashless mobile payment has proven popular, due in part to its cashback rewards.

A version of this article appeared in the print edition of The Straits Times on September 07, 2018, with the headline 'Fave raises $27.5m in latest Series B funding'. Print Edition | Subscribe