Hong Kong SaaS Startup Raises $15 Million Series B For Global Expansion

Hong Kong-based SaaS startup FreeD Group has raised $15 million in Series B funding led by Daiwa ACA APAC Growth, a private equity fund managed by Japanese brokerage Daiwa Securities, to accelerate its global expansion.

Other investors in the round included Hong Kong property developer Chinachem Group, Hong Kong Science & Technology Parks’ Corporate Venture Capital Fund, Hong Kong-based Radiant Tech Ventures and startup accelerator-investor SOSV’s Select Fund.

Founded in 2015 by Abel Zhao and Kenneth Lee, FreeD’s software helps companies manage their sales and marketing using AI. Clients include BMW, China Mobile, Marriott, LG, Samsung, Singtel and Tencent, according to the startup. Last year, FreeD was named a Hong Kong Rising Star Company by Deloitte.

“We pledged to disrupt the digital commerce sector with our core AI technology from day one,” CEO Zhao said in a statement. “This new investment marks an important milestone for the company and the team and will further power FreeD’s next stage of growth technologically and geographically.”

The funds will be used to fuel FreeD Group’s global expansion plans, particularly in Seoul and Shanghai. The startup also plans to roll out its digital solutions in Europe, Americas and the Middle East.

“Our exceptional team has a deep understanding of machine learning, customer interaction and how to build innovative, high-performing and reliable product experiences for businesses,” said CPO Lee. “We are geared up to fuel businesses’ technological advancement in our current and new markets and enable them to adapt to the needs of the tech-savvy customers in this new generation.”