Ssingssing Secures 20 Billion KRW Series B Investment

TS Investment and SK Lead Investment
Korea Information & Communication Joins as New Investor with KB Investment and Shinhan Capital

[Asia Economy Reporter Kwangho Lee] PUMP, the operator of the shared kickboard service 'Ssingssing,' announced on the 26th that it has completed a Series B investment round worth 20 billion KRW. This investment was led by TS Investment and SK. Additionally, Korea Information & Communication, KB Investment, and Shinhan Capital participated as new investors.

Ssingssing has stood out in various fields over the past year. It achieved operating profit in the third quarter of this year. Industry experts attribute this growth particularly to its consignment operation model. Since Ssingssing owns all devices at headquarters, it can flexibly respond to rapidly changing market conditions. This market responsiveness is faster than franchise-style operations that transfer device ownership. It also allows for higher profitability. In Ssingssing's case, the accumulated years of consignment operation appear to have improved cumulative profitability.

Competitiveness and growth potential have also been recognized in technology and service planning. In October this year, Ssingssing introduced a new model called 'Q1.0,' focusing on improving quality in two areas: safety and convenience for kickboard users. Moreover, Ssingssing is leading the market by making its service available not only through its own app but also on various mobility platforms such as Kakao Mobility, T Map Mobility, and T Money Go. Furthermore, this year, Ssingssing accelerated its 'blockchain' partnerships and launched a new reward service called ‘Ssingssing Walking.’ This initiative, which provides users with more benefits, has received enthusiastic responses from customers.

Ssingssing plans to use the investment funds to secure new devices and develop a next-generation personal mobility platform based on artificial intelligence. Kim Sang-hoon, CEO of Ssingssing, emphasized, "This Series B investment recognizes Ssingssing's competitiveness and future growth potential even amid the recent harsh winter of the frozen investment market. We will continue to enhance customer service quality through ongoing technological development and compliance management."

This content was produced with the assistance of AI translation services.