Fitpet, a South Korea-based total pet healthcare company, announced today that it has secured a strategic investment of KRW 5 billion from Donghwa Pharmaceutical.

Through this strategic investment, Donghwa Pharmaceutical plans to utilize Fitpet’s hundreds of thousands of pet healthcare databases to research and develop animal medicines with its 126 years of drug development know-how and large-scale drug manufacturing capabilities. In addition, the company has secured the right of first refusal for commercialization of the drugs developed through this investment.

Fitpet is a market-leading pet total healthcare solution company that has accumulated more than 60 billion won in funding so far and offers a variety of pet healthcare and services, including simple pet testing services, health-customized commerce, and veterinary clinic finder. 

“Through this investment, Fitpet will do its best to build an ecosystem for total pet healthcare, including diagnostic tests, high-quality product development, commerce, therapeutics, and pet insurance, and the two companies will work closely together to achieve this goal,” said Jeong Ji-wook, CEO of Fitpet.

In 2022, Fitpet received KRW 20 billion and KRW 7 billion in investment from BRV Capital and IBK-Stonebridge New Deal ESG Unicorn Private Equity Fund, respectively, bringing its total cumulative investment to KRW 60 billion.