Fave connects local merchants to customers through group-buying, coupons and a range of merchant-facing services across restaurants, beauty, fitness and activities. The company began as fitness subscription service KFit and pivoted into group-buying after acquiring Groupon’s businesses in Singapore, Malaysia and Indonesia. Fave works with "tens of thousands" of offline businesses and has about three million app downloads; it says it will drive over US$100 million in revenue to partners in 2018, with management expecting nearer US$150–200 million. Fave takes a cut of partner transactions but did not disclose its take-home revenue. It plans to use the new capital to expand mobile payments and build more merchant-friendly solutions, and to explore partnerships with delivery and super-app services such as Grab, Go-Jek and FoodPanda rather than competing directly. The company is also considering overseas expansion across Southeast Asia in 2019, while KFit continues to operate as an independent, profitable business.

Total raised

$20M

Funding rounds

1

Latest round

Series B

Latest activity

Sep 2018