Frientrip

About Frientrip

Frientrip operates Frip (frip.co.kr), a prominent leisure and activity platform in South Korea, designed to connect individuals with a wide array of experiences. The company was founded in November 2013 by CEO Im Soo-yeol. His motivation stemmed from his own background in the demanding work culture of social commerce and consulting, where he identified a need for a service to help people, like himself, discover how to enjoy their free time. Initially, Frientrip started as an online community on social media, with Im and the other two co-founders personally organizing and hosting outdoor activities such as bus trips to local destinations. This hands-on approach revealed a strong demand for curated leisure experiences.

Inspired by Airbnb's host-based model, the Frip application was launched in March 2016, transforming the business into a C2C marketplace. This model allows individuals, known as "Hosts," to create, list, and monetize their own unique activities and talents, ranging from sports and outdoor adventures to arts, crafts, and social gatherings. The platform's revenue is generated by charging a commission fee on the transactions between hosts and users. For example, Frip would take a 10% platform fee from a surfing host who gathers 10 participants at 100,000 KRW each. The company primarily targets the Millennial and Zennial demographic, which constitutes over 90% of its user base, addressing a market it estimates to be worth at least 4 trillion KRW across sports activities, adult hobbies, and travel.

Frip has established itself as a major player in the leisure market, boasting a community of approximately 1.5 million users and over 25,000 hosts as of early 2024. The platform's offerings are diverse, featuring everything from surfing, hiking, and yoga to unique local experiences like 'chatting informally after work' or 'spacing out by a bonfire'. This vast and often unconventional inventory distinguishes it from other platforms. Frientrip has also expanded its focus to include special interest tourism (SIT), developing travel packages centered around specific activities, such as yoga in Bali or surfing in the Philippines. Strategically, the company has received significant investments, including a notable partnership with travel-tech giant Yanolja in 2018, which became a shareholder and an exclusive sales channel for Frip's activities. The company has secured approximately 18 billion KRW in total funding, with an 8 billion KRW bridge investment in April 2022 to enhance service development and marketing efforts.