Freed raises $2.8 mn in pre-Series A round

In its pre-Series A round, consumer debt relief company, named Freed has raised $2.8 mn. This pre-Series A round was led by Inflection Point Ventures. The fundraising round also witnessed the participation of Multiply Ventures, Chandigarh Angels Network, Lead Angels, Hyderabad Angels, The Chennai Angels, and a group of HNIs.

Further, the company informed that the raised capital will be used to boost the business, hire new talents and create the tech stack to launch new debt relief products or services to strengthen its customer acquisition and brand promotion initiatives.

Other than this, the startup is also building a proprietary credit scoring algorithm for near-prime/Alt-A borrowers by analyzing data on borrowers' behavior during the DSP program. 

Post fundraising, Founder and CEO of Freed Ritesh Srivastava said, “Freed was founded with a vision to help debt-burdened consumers resolve their debt and regain their financial freedom. The problem needed immediate action and Freed will occupy the space of Friend and Financial Resurrector… helping consumers regain normalcy and a sense of balance in their life. IPV has backed some very successful and admirable startups at a very early stage, and we are excited to partner with them in this journey.”