Taipei, Taiwan, September 12, 2023 — FunNow, the pioneering lifestyle marketplace originally hailing from Taiwan, announces the completion of its merger and acquisition (M&A) agreement with Eatigo, the largest restaurant discount booking platform in Southeast Asia.
Unveiling the Largest O2O M&A Deal Post-Covid
This monumental M&A deal marks a significant milestone in the O2O industry within Southeast Asia. FunNow Group has successfully acquired Eatigo’s subsidiaries, operating across various locations by equity. As part of the agreement, Eatigo has become a key shareholder in FunNow Group, and Michael Cluzel, CEO of Eatigo, is invited to join the board, fostering collaboration and expediting FunNow’s vision to become the unrivaled leader and largest lifestyle marketplace in Southeast Asia. TK Chen continues to serve as the President and CEO of the group.
FunNow Group Today
Established in Taiwan in 2015, FunNow initially focused on the urban leisure lifestyle marketplace, employing a dynamic pricing strategy that empowers businesses to adjust prices based on market demand and supply capacity. This approach enables businesses to offer the same service to different consumers or segments of the market at varying prices, thereby optimizing the matchmaking efficiency between businesses and consumers to maximize profits. Over time, FunNow has expanded its services to encompass Japan, Hong Kong, Malaysia, Thailand, and other regions. Notable acquisitions include Malaysia’s leading restaurant booking platform and SaaS service provider, TABLEAPP, and Taiwan’s premier family experience booking platform, Niceday. These strategic moves have allowed FunNow to provide reliable booking options and tailored experiences to diverse markets and consumers.
Eatigo, founded in Bangkok in 2013, revolutionized the restaurant industry by introducing yield management techniques that help establishments fill unused inventory. By offering up to 50% off deals during specific time slots, Eatigo quickly gained popularity in markets such as Thailand, Hong Kong, Singapore, Malaysia, and the Philippines with a customer base of more than 5 million consumers and a presence across five Southeast Asian countries.
TK Chen, Co-founder and CEO of FunNow emphasized the significance of this collaboration, citing Eatigo’s remarkable reservation services covering over 4,000 restaurants, ranging from five-star hotels and chain brands to small-scale establishments. Chen stated, “Restaurant reservations are a decisive battleground in the future of local lifestyle service platforms. With Eatigo now integrated into the FunNow group, we will continue operating the Eatigo brand, leveraging its robust presence to facilitate our expansion into Southeast Asian markets”. Michael Cluzel, CEO of Eatigo, shared his enthusiasm for combining the strengths of both companies to create a larger, more formidable entity. The primary focus will be serving a broader merchant base and catering to a larger user population across numerous locations. Together, their shared goal is to construct the premier lifestyle service marketplace in Southeast Asia.
The Near Future
TK Chen has pointed out that the internet industry tends to favor the top companies in each region, which can benefit from economies of scale and successfully flourish. While China boasts Meituan and the United States has Yelp, Southeast Asia has yet to witness the emergence of a dominant local lifestyle marketplace brand. FunNow Group will powerfully expedite market expansion by harnessing FunNow’s product innovation and technological advantages alongside Eatigo’s esteemed brand recognition and operational capabilities in Southeast Asia. The group aims to establish itself as Southeast Asia’s definitive local lifestyle booking marketplace.