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Fave is a Kuala Lumpur, Malaysia-based technology company that provides a digital platform connecting small and medium-sized enterprises with middle-class consumers across the Southeast Asian market. The platform primarily serves merchants operating within the food and beverage, wellness, and retail sectors by offering technological solutions for business management and customer acquisition. As of 2018, the organization had expanded its workforce to over 300 employees from eighteen different countries and distributed across ten cities in the region. The company has generated more than $100 million in revenue growth for tens of thousands of regional merchants while enabling consumers to save approximately $150 million on daily necessities, leisure activities, and travel experiences. Additionally, the firm announced plans to establish a dedicated growth fund aimed at supporting Malaysian entrepreneurs and small businesses. Fave was founded in 2016 by Joel Neoh.
Fave has raised $24.0M across 3 funding rounds.
Fave has raised $24.0M in total across 3 funding rounds.
Fave has raised $24.0M across 3 funding rounds. Most recently, it raised $2.0M Other Equity in October 2023.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 12, 2023 | $2M Venture Round | — | Alberto Cozzi, Alexandra Moore, Faye Maidment, Lyor Cohen, Mario Andrea Cozzi, Shiva Rajaraman, Female Founders Fund, Gaingels, Goodwater Capital, Sony Music Entertainment, Warner Music Group, Xoogler Ventures | Announced |
| Oct 1, 2023 | $2M Seed | — | BITKRAFT Ventures, Joakim Achren, Betaworks, Female Founders Fund, Hybe, Quality Control, Right Hand Management, Sony Music Entertainment, Techstars Music, Warner Music Group | Announced |
| Sep 6, 2018 | $20M Series B | Peak XV Partners (Sequoia Capital India), SIG Venture Capital, Ventura Capital | — | Announced |
Fave, incorporated as Fave Asia Sdn Bhd, is a Malaysian fintech company operating a digital platform that connects consumers with local businesses for deals on dining, beauty, fitness, retail, and services via a mobile app and web interface.[1][2] It solves the problem of discovering and redeeming discounts by streamlining purchases, boosting consumer exploration and merchant traffic/sales through merchant acquisition, promotions, payment processing, and data analytics.[1] Originally launched as KFit in 2015 for fitness subscriptions, it pivoted after acquiring Groupon operations in Southeast Asia, raised $32M+ in funding, and was acquired by Pine Labs in 2021 for $45M, achieving regional growth before exiting Indonesia in 2023.[2]
Fave traces its roots to 2015 when Joel Neoh, founder of Groupsmore (acquired by Groupon and rebranded as Groupon Malaysia), launched KFit as a subscription-based fitness app providing access to gyms, yoga studios, and fitness centers in Malaysia.[2] After leaving Groupon, Neoh secured $12M in Series A funding in February 2016 from Sequoia Capital, Venturra Capital, SIG, and Axiata, enabling acquisitions of competitor PassportAsia and Groupon's operations in Singapore, Malaysia, and Indonesia.[2] In July 2016, KFit debuted the Fave app for broader deals in food, activities, and fitness, integrating KFit by year-end; a $20M Series B followed in 2018.[2] Leadership shifted in 2023 with Neoh stepping down as CEO to Chen Chow, a co-founder and former COO.[2]
Fave rode the wave of digital transformation in Southeast Asia's burgeoning middle class and SME sector, bridging offline local businesses with mobile-first consumers amid rising demand for value-driven experiences post-2015.[1][2] Its timing capitalized on Groupon's regional retreat, filling the void through acquisitions and pivoting to a comprehensive deals platform during fintech's explosive growth.[2] Market forces like smartphone penetration, e-commerce adoption, and post-pandemic recovery favored its model, influencing the ecosystem by setting benchmarks for seamless local commerce and enabling merchants to compete digitally.[1] The 2021 Pine Labs acquisition integrated it into larger payment/fintech plays, while the 2023 Indonesia exit reflects maturing consolidation in emerging markets.[2]
Post-acquisition by Pine Labs, Fave is positioned for deeper integration into payment ecosystems, potentially expanding rewards and fintech services under new leadership like Chen Chow.[2] Trends like AI-driven personalization, embedded finance, and regional SME digitization will shape its path, with evolving consumer needs and tech integrations driving sustained relevance.[1] Its influence may grow through Pine Labs' network, evolving from a standalone deals app to a key player in everyday commerce, reinforcing its role in making local experiences rewarding and accessible.
Fave has raised $24.0M in total across 3 funding rounds.
Fave's investors include Alberto Cozzi, Alexandra Moore, Faye Maidment, Lyor Cohen, Mario Andrea Cozzi, Shiva Rajaraman, Female Founders Fund, Gaingels, Goodwater Capital, Sony Music Entertainment, Warner Music Group, Xoogler Ventures.
