VC-backed Fave buys Groupon Singapore
Malaysian VC-backed online-to-offline (O2O) e-commerce company Fave has agreed to acquire Groupon Singapore, extending a string of related bolt-ons in Southeast Asia.
Financial details of the transaction were not disclosed. It follows closely on the acquisitions of Groupon Malaysia and Groupon Indonesia. Fave investors include Sequoia Capital, Venturra Capital, 500 Startups, InnoVen Capital, India Asia Venture Group, Global Founders Capital, Intres Capital, Susquehanna Asia, Segnel Ventures and SXE Ventures.
“We've seen tremendous growth in the adoption of O2O platforms by local businesses across Southeast Asia over the past year, and the benefits our platform offers today are just the beginning of more to come," Joel Neoh, founder of Fave, said in a statement.
The company was founded as KFit in 2015 and was recently renamed after its Fave platform, which was launched last year. It uses a mobile-first approach to arranging e-commerce transactions that in turn bolster offline sales for businesses such as restaurants, spas, hotels and theme parks through flexible promotions and loyalty programs.
Fave claims to be the fastest growing operator of its kind in Southeast Asia, having facilitated O2O connections numbering in the millions. It maintains bases in Kuala Lumpur and Jakarta, while operations extend to Hong Kong and the Philippines.
Sequoia led the company’s $3.2 million Series A round in 2015. This was followed by a $12 million investment led by Venturra which has supported the regional expansion.
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