'RX Solution Startup' Freepins, Pre-Series A Investment Attraction [fnMarketWatch]

[Financial News]  The rental conversion (RX) solution startup Freepins has attracted Pre-Series A investment from Coolidge Corner Investment. This follows last year's seed investment attraction from Leading Capital, K Clavis Investment, and others.
According to the investment banking (IB) industry on the 15th, Freepins is a startup re-established by Shin Sang-yong, the founder of the nation's largest AI parking control company iParking (formerly Parking Cloud), after selling iParking to NHN and SK Innovation E&S.
Based on his experience in successfully managing the parking control rental business at iParking, he developed the 'Rental Transformation (RX) Solution', which provides everything from rental business ERP (Enterprise Resource Planning) programs to essential financial services for rental businesses. It is offered as a cloud-based Software as a Service (SaaS) that allows rental companies and small and medium-sized manufacturing and sales companies looking to introduce rental and subscription businesses to use it at a low monthly cost, contributing to revenue growth and market expansion.
Shin Sang-yong has been focusing on developing the rental transformation solution by investing his own money every quarter since Freepins started operations in the third quarter of 2024, creating a second iParking success story in the rental and subscription market, which has grown to 100 trillion won this year. The company has also been successful in attracting external investments every year, receiving positive evaluations for its growth potential in the market. Last year, it was selected for the 'First Penguin' program, a promising startup guarantee system by the Korea Credit Guarantee Fund.
Freepins plans to solidify its position as the No. 1 company in the rental and subscription conversion market by enhancing the AI capabilities of the Freepins Rental Transformation Platform (FRP), which matches optimal financial services by analyzing the operational and performance data of rental businesses, using the funds raised from Coolidge Corner Investment.
Currently, Freepins provides rental and subscription conversion solutions to about 200 companies, including smart unmanned devices such as kiosks, table order systems, serving robots, digital signage, eco-friendly food waste processors, and franchise businesses.
Shin Sang-yong, CEO of Freepins, said, "This investment attraction is significant in that it has grown the previously non-existent rental conversion (RX) market to a meaningful size within a year and has verified its profitability," and "We will create a rental transformation value chain that enhances the value of participants by contributing to the growth of rental and subscription businesses of small and medium-sized manufacturing and sales companies and providing a stable new investment market for financial companies."


kakim@fnnews.com Kim Kyung-ah Reporter