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Mobile rewards platform Fave raises US$20m in Series B funding

ONLINE-TO-OFFLINE (O2O) platform Fave has raised over US$20 million in its latest Series B funding round from strategic and 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 is the new name of Groupon Singapore, which was acquired by the Malaysia-based Fave Group last year. The group itself was founded by Joel Neoh, Groupon's former head in the Asia-Pacific.

In its Thursday statement announcing the funding round, Fave said its mobile loyalty and rewards platform will drive "over US$100 million in revenue" to offline businesses in 2018.

"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," said Mr Neoh.

Fave has helped retail businesses reach out to customers with special offers, bookings and cashback solutions. According to the company, its FavePay cashless mobile payment has proven popular with customers due to its convenience and cashback rewards.