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[StartupRecipe] Pet Tech Startups Are Still Going Strong

#Weekly Funding Overview

[May 23~ May. 27]

The total funds raised by Korean startups of this week is KRW  131.6 billion.

InnovaidHealthcare-SeedSpring Camp
Moverse3D Motion-SeedSparklab, Infobank
forSPACElabFoodtech2 billionPre-Series ACoocon
UMAGMusic content5.1 billionIntervest, Solaire Partners, We Ventures, IBK Industrial Bank, ID Ventures
WairiTravel-SeedRealwesen, CNTTECH
JaranadaKids platform-SeedYoonmin Foundation
Space oddityMusic4 billionSeries AKC Ventures, Kiwoom Investment, SBI Investment
Bamboo networkContent Studio6 billionPre-Series BKyobo Securities, Pentaston Investment, Kyobo Securities, Pentaston Investment
UneedcommsEcommerce solution-Naver D2SF, CJ ENM Commerce, Kolon Investment, TS Investment, Daekyung Investment
OnthelookFashion content3 billionPre-Series ANaver D2SF, Devsisters Ventures, Hana Ventures, KB Investment, Nest Company
Directors CompanyAdvertising15 billionSeries AKiwoom Securities, Quad Asset Managemen
Point2 TechnologyNetwork Cable27.8 billionMolex, GU Equity Partners, Samsung Securities, Shinhan Capital, Tigris Investment, K2 Investment, Korea Omega Investment, TimeFolio Asset Management, Nautilus, Quantum Ventures Korea, Walden International
KnowmerceArtist IP Company25 billionSeries CKorea Development Bank, Dunamu, Medici Investment, Daishin Securities, BSK Investment-Shinyoung Securities
SankunConstruction solution-SeedStrong Ventures
InstaCoinBlockchain-Maison Chaudun
DOEATFood delivery2.6 billionSeedHashed, DBC Accelerator
TeamdotsOnline school-SeedFast Ventures
WelloInformation platform-GRANTTIPS
OurboxFullfillment20 billionSeries BBK-BNK PE, Kolon Investment, NH Hedge Asset Management, DS Networks, Naver, SV Investment, Halla Holdings,
Artificial SocietyEducation-GRANTTIPS
SafeticsRobotics1.1 billionPre-Series ABigbasin Capital
EarlyslothSurvey platform-Hana Financial Investment, K&Investment Partners, Goodwater Capital, The Ventures
RXCLive commerce20 billionPre-Series AJTBC, Z Ventures, LB Investment

Major Funding

  • Wonderwall operator Knowmerce has secured KRW 25 billion in investment. It offers educational content taught by famous celebrities, as well as merchandise production and collaboration projects with artists.
  • Fulfillment startup Ourbox has raised KRW 20 billion. It provides customized logistics services to large enterprises and SME sellers with its own logistics system. Cold chain fulfillment is its forte, which specializes in delivering refrigerated and frozen goods
  •  Mobile e-commerce RXC has received KRW 20 billion worth of investment. PRIZM, a retail media platform that delivers brand messages through live broadcasts and short videos, was launched in March. It is a platform that implements more than 100 brands in a mobile showroom, focusing on the lifestyle of the MZ generation.
  •  Point2 Technology, a network equipment developer, has raised KRW 27.8 billion. It manufactured ultra-fast/low-power optical communication cables used in 5G data centers to address the drawbacks of copper wires and optical cables. It plans to expand its product line to meet terabit bandwidth requirements for cloud-based infrastructure.

#Trend Analysis

Even during a period of stagnation, pet tech startups remain popular in the investment market due to their future growth potential. In 2022, the worldwide pet industry is predicted to be worth $261 billion (KRW 327 trillion), while the Korean pet industry is expected to reach KRW 6 trillion by 2027. The pet humanization trend, in which companion animals are treated as family members, is accelerating the industry’s growth.

This high growth potential attracts investors to pet startups. Strategic investments by venture capital firms, large corporations, and pharmaceutical companies are on the rise. 16 pet startups have already completed their funding as of May this year. The majority of the startups are in their early stages, and more than 80% are related to pet health care.

Pet data is the most popular area because it can be expanded to various businesses by incorporating medical and hospital data. Many startups are eager to expand into a lifestyle service that manages the entire life cycle of companion animals. Fitpet, the pet startup with the most funding, is pursuing a super-app strategy that manages the life cycle of companion animals, covering everything from e-commerce to healthcare. It promotes a pet insurance company based on the data obtained from the test kit. Petner also plans to expand beyond healthcare to the insurance market. Some have attracted investment from large corporations. Iamdt received an investment from GS Retail as a management support service for veterinary hospitals. GS Retail is continuing to make strategic investments in pet startups, seeing them as potential growth engines in the future. Last year, it bought Pet Friends and invested in 8 pet startups. Other notable startups include Varram System, which provides an IoT feeder that can analyze companion animals’ eating habits, and PitterPetter, which provides a disease prevention guide through genetic analysis.

However, there are questions about whether pet startups can achieve explosive growth in a J-shaped curve. Since the companies that have received investment are mostly early-stage startups, only a few have been successful in attracting large-scale funding. There have been no significant M&As or IPO since Pet Friends was acquired for KRW 100 billion last year.

FitpetPet HealthcareKRW 20 billion 
iamdtManagement Support for Veterinary HospitalKRW 7.5 billionSeries A
BitemePet Lifestyle PlatformKRW 4.5 billionSeries A
PetnerPet HealthcareKRW 1.7 billionSeries A
ElevenliterPet Healthcare Seed
Varram SystemIoT Pet Healthcare Series A
KeybasicHealth Supplement for Pet Pre-Series A
BubblecloudO2O Platform for Pet Beauty Care Seed
Dr.TailAdvice from Vets TIPS
SpacepetPet Care Community Seed
Momo ProjectPet Healthcare Seed
AnimalgoOne-stop Solution for Pets Seed
Berg&RidgePet Products & Pet Healthcare Seed
RemedyUpcycling Pet Tech Seed
PitterpetterGene Analysis for Pets Seed
FridgeCrewCustomer Management Solution for Pet Shops TIPS
Pet startups that received investment by May 2022

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