Fave the local reward base mobile app has just secured further funding of US$20 million to expand its services and accelerate growth in the retail eCoupon space. Formerly known as Groupon, the company was started by its founder Joel Neoh after the popular free discounts and vouchers model adopted by Groupon started losing its proposition. Joel who spearheaded the startup left the company only to return to take over and re-brand it as Fave.

The Series B funds were raised from strategic and existing investors including Sequoia India, SIG Asia Investment and Ventura Capital. Offering rewards to users from retailers, the platform has now added new features like mobile payment and gives users cashback upon spending. The app has over 40,000 business and 3 million customers and is expected to generate US$100 million in revenue to these businesses.

Southeast Asia is on the radar for many tech startups with an estimated 200 million digital consumers in the region, company’s like Fave view the region as unique and are in position to have offline businesses tap into the digital native consumers. The company is targeting to grow its base to 100,000 offline businesses by 2019 and will be utilising the funds to achieve this goal.