Hong Kong, Hong Kong
FreeD Group, operating its core product at joinharmonycvm.com, is a travel and lifestyle SaaS marketplace founded in 2016 and headquartered with operations across Greater China, Korea, the Middle East, and Europe. The company connects sellers including product owners, distributors, and content providers with large enterprise buyers such as telecommunications companies, governments, and airlines, earning revenue through a combination of SaaS subscription fees, one-time implementation fees, and GMV-based commissions.
The company reported $35 million in total revenue for 2022, comprising $15 million in recurring SaaS and transaction fees and $20 million in one-time implementation and project fees. GMV processed through the platform reached approximately $80 million to $100 million in 2022, with $20 million processed in the fourth quarter alone. The company is fully bootstrapped with no outside capital raised.
In late 2022 and early 2023, FreeD Group acquired two companies, including the largest travel management company in the Greater China market, which processed HK$2 billion (approximately $300 million USD) in GMV at its 2019 peak and served over 1,000 enterprise customers. Abel Zhao, CEO and co-founder, told Latka the company is targeting $100 million in revenue for 2023 and is aiming for an IPO in 2024 at a minimum valuation of $250 million.