Our Simmonds Stewart Southeast Asia team has helped close another awesome VC deal. This time, Malaysia based Fave, on its US$20million series B financing round which included investment from Sequoia, Venturra Capital and SIG Asia Investment.
Fave’s O2O (online-to-offline) platform helps enable businesses to set up mobile rewards and loyalty programmes. Customers get deals, cashback and other rewards when they pay with their phone via FavePay at participating merchants which have registered with Fave.
This year, Fave claims that it will help drive over US$100 million to retailers across multiple sectors including health, leisure, food and beverage and beauty, and that $3million customers have already used the platform. Following this latest capital raise, Fave has set its sights on working with 100,000 businesses by 2019.
The startup is one of several in Southeast Asia looking capitalise on the rapid growth of smartphones and the search for payment solutions with great customer user experience and benefits. Fave currently operates in several cities across Singapore, Malaysia and Indonesia.
Simmonds Stewart also advised Fave on its acquisitions of Groupon’s businesses in Indonesia, Malaysia and Singapore in 2016 and 2017.
CEO Joel says:
it was great to work with Lee and the Simmonds Stewart team again. Their enthusiasm and experience really helped us get to the finishing line in timely fashion.