#Weekly Funding Overview[May 23~ May. 27]
The total funds raised by Korean startups of this week is KRW 131.6 billion.
|Moverse||3D Motion||-||Seed||Sparklab, Infobank|
|forSPACElab||Foodtech||2 billion||Pre-Series A||Coocon|
|UMAG||Music content||5.1 billion||Intervest, Solaire Partners, We Ventures, IBK Industrial Bank, ID Ventures|
|Jaranada||Kids platform||-||Seed||Yoonmin Foundation|
|Space oddity||Music||4 billion||Series A||KC Ventures, Kiwoom Investment, SBI Investment|
|Bamboo network||Content Studio||6 billion||Pre-Series B||Kyobo Securities, Pentaston Investment, Kyobo Securities, Pentaston Investment|
|Uneedcomms||Ecommerce solution||-||Naver D2SF, CJ ENM Commerce, Kolon Investment, TS Investment, Daekyung Investment|
|Onthelook||Fashion content||3 billion||Pre-Series A||Naver D2SF, Devsisters Ventures, Hana Ventures, KB Investment, Nest Company|
|Directors Company||Advertising||15 billion||Series A||Kiwoom Securities, Quad Asset Managemen|
|Point2 Technology||Network Cable||27.8 billion||Molex, GU Equity Partners, Samsung Securities, Shinhan Capital, Tigris Investment, K2 Investment, Korea Omega Investment, TimeFolio Asset Management, Nautilus, Quantum Ventures Korea, Walden International|
|Knowmerce||Artist IP Company||25 billion||Series C||Korea Development Bank, Dunamu, Medici Investment, Daishin Securities, BSK Investment-Shinyoung Securities|
|Sankun||Construction solution||-||Seed||Strong Ventures|
|DOEAT||Food delivery||2.6 billion||Seed||Hashed, DBC Accelerator|
|Teamdots||Online school||-||Seed||Fast Ventures|
|Ourbox||Fullfillment||20 billion||Series B||BK-BNK PE, Kolon Investment, NH Hedge Asset Management, DS Networks, Naver, SV Investment, Halla Holdings,|
|Safetics||Robotics||1.1 billion||Pre-Series A||Bigbasin Capital|
|Earlysloth||Survey platform||-||Hana Financial Investment, K&Investment Partners, Goodwater Capital, The Ventures|
|RXC||Live commerce||20 billion||Pre-Series A||JTBC, Z Ventures, LB Investment|
- 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.
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.
|Fitpet||Pet Healthcare||KRW 20 billion|
|iamdt||Management Support for Veterinary Hospital||KRW 7.5 billion||Series A|
|Biteme||Pet Lifestyle Platform||KRW 4.5 billion||Series A|
|Petner||Pet Healthcare||KRW 1.7 billion||Series A|
|Varram System||IoT Pet Healthcare||Series A|
|Keybasic||Health Supplement for Pet||Pre-Series A|
|Bubblecloud||O2O Platform for Pet Beauty Care||Seed|
|Dr.Tail||Advice from Vets||TIPS|
|Spacepet||Pet Care Community||Seed|
|Momo Project||Pet Healthcare||Seed|
|Animalgo||One-stop Solution for Pets||Seed|
|Berg&Ridge||Pet Products & Pet Healthcare||Seed|
|Remedy||Upcycling Pet Tech||Seed|
|Pitterpetter||Gene Analysis for Pets||Seed|
|FridgeCrew||Customer Management Solution for Pet Shops||TIPS|