SparkLabs (CEO Kim Yu-jin) announced that it has invested in Piero Company (CEO Park Min-jin), an IT device subscription and redistribution service operator. CNT Tech co-participated in this investment.
Piero Company operates a subscription service called "Pongo" and a collection and redistribution service called "Rigo," leveraging its accumulated fleet of over 10,000 IT devices. Along with offering affordable IT device rental services, the company also offers a monetization model for companies' idle IT assets through the purchase and settlement of assets. The company has secured a diverse client base, including major domestic corporations and startups.
In particular, we have established a global distribution channel through 'Rigo Trade', which converts verified products among recovered IT devices into tradable assets and supplies them to demanders in emerging and developing countries.
Piero Company plans to capitalize on this investment by enhancing its trading infrastructure and offering it as a platform to attract new clients, including domestic companies seeking to dispose of idle IT assets. Furthermore, the company plans to accelerate its global expansion through its partnership with SparkLabs.
Kim Yu-jin, CEO of SparkLabs, said, “With the circular economy emerging as a critical issue, we decided to invest in Piero Company because we believe their business model, which creates value throughout the entire life cycle of IT devices, will be competitive in the global redistribution market.”
Park Min-jin, CEO of Piero Company, said, “Our goal is to build a structure where IT device assets can circulate globally,” adding, “We plan to gradually expand Ligo Trade to foster it as a new growth engine and generate global performance.”
Meanwhile, Piero Company received SparkLabs' acceleration support through the "K-Startup Grand Challenge" program, which supports its entry into the Asian market in 2024, and was also selected for the TIPS program hosted by the Ministry of SMEs and Startups. Recently, it signed a contract with Korea Investment & Securities as its lead underwriter, marking the start of preparations for an IPO.
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