The company’s founders aren’t commenting at this stage but documents filed with Germany’s Handelsregister last December confirm the early-stage investment.
In a previous interview with us, Josha Benner, one of the four founders of Favor.it, said: “We came up with Favor.it as a reaction to Groupon. We wanted to be better than Groupon, because it was once so successful, but right now it’s doing really badly and lots of people are unhappy with their services. We want to be more sustainable…”
Customers using the app can follow their favourite businesses, including restaurants, cafes and shops, to receive information and deals from them. They then purchase the deals with their iPhones and redeem them with a voucher on their phone.
The app previously received funding from investor Burckhardt Ronello. Project A has provided financing for at least one other mobile app, Shirtagram, which allows you to print photos onto T-shirts. The company builder, launched by ex-Rocket Internet managers, is also rumoured to be in talks with Axel Springer about a potential €50m investment from the publishing house.