Fave’s team in Malaysia
Kuala Lumpur-headquartered ecommerce site Fave announced today that it has raised a US$20 million series B round from Sequoia India, Venturra Capital, and SIG Asia Investment, among others.
The site helps retailers reach consumers through special deals, a booking management and analytics tool, and cashback programs. It also runs a mobile payments solution called FavePay.
Fave claims to have driven US$100 million in revenue to retailers. To date, three million customers have used Fave’s rewards and made deal redemptions. It operates in Singapore, Malaysia, and Indonesia.
Fave was known as KFit, which focused on providing users with access to various gyms for a flat fee. It began transforming into a general deals site in February 2016 by adding massages and beauty salons offerings. It then acquired Groupon’s Southeast Asia businesses to hasten its evolution.
Sequoia and Venturra are repeat investors, which signals their confidence in Fave’s growth prospects.
Editing by Eileen C. Ang
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