Malaysia-based Fave raises US$20m to expand online business

Fave founder Joel Neoh says the company aims to increase the number of retail businesses that use its mobile platform to 100,000 by next year. — File pic
Fave founder Joel Neoh says the company aims to increase the number of retail businesses that use its mobile platform to 100,000 by next year. — File pic

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PETALING JAYA, Sept 6 — Fast-growing online retailer Fave has raised US$20 million (RM82.93 million) to expand its business empire even further.

Its founder Joel Neoh said the company aims to increase the number of retail businesses that use its mobile platform to 100,000 by next year.

“Consumer behaviour is changing with buyers spending more time online than offline, and so Fave aims to help make it easy for all offline businesses to go online through the Fave platform.

“This helps retail businesses in food & beverage, consumer goods, lifestyle services and other categories to transform themselves to meet the needs of tech-savvy consumers in Southeast Asia,” he said in a statement today.

Neoh said the injection of funds came from investing investors, including Sequoia India, SIG Asia Investment and Venturra Capital.

The Malaysia-based Fave currently offers 40,000 active rewards through its mobile app which has a 4.5 star rating and has been used by three million consumers in South-east Asia.

Fave has turned into one of South-east Asia’s leading internet companies in the last two years.

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