HK’s FreeD raises $15m to open Singapore office

Hong kong-based software startup FreeD Group raised US$15 million in series B funding, backing its plans to open a headquarters in Singapore.

The round – led by Singapore and Japan-based fund Daiwa ACA APAC Growth – saw participation from Musketeer Capital and the SOSV Select Fund.

Co-founders Kenneth Lee (left) and Abel Zhao / Photo credit: FreeD Group

Founded in 2015, FreeD currently has over 140 employees in 10 offices. It counts some 200 companies among its partners, including Tencent, Google, Samsung, China Mobile, and Marriott International.

FreeD will use the funding to expand its technology teams in Hong Kong, South Korea, and Canada and build its commerce teams in new markets.

Its plan to open a headquarters in Singapore is slated for later this year and will support the growing business demand in the Southeast Asia and Asia-Pacific markets.

The company is also aiming to roll out its proprietary digital solutions beyond Asia to Europe, the US, and the Middle East as well.

Abel Zhao, FreeD co-founder and CEO, said this new investment marks an important milestone for the company and will power FreeD’s next stage of growth technologically and geographically.

See also: Meet the 50 top-funded startups and tech companies in Hong Kong

Other investors in the round include:

• Chinachem Group
• HKSTP Corporate Venture Fund
• Radiant Tech Ventures