VetTec Korea, a Korean startup operating an AI-based e-commerce platform specifically for veterinary hospitals, has secured bridge funding from New Paradigm Investment (hereafter New Paradigm) and Kiwoom Asset Management. Following their pre-Series A investment in Betek Korea in December 2022, New Paradigm has participated in this follow-up funding, recognizing the company’s business achievements over the past 1 year and 7 months. Kiwoom Asset Management also joined in, noting VetTec Korea’s growth trajectory.

VetTec Korea runs “BlueVet,” an online platform that integrates the sales of veterinary pharmaceuticals, consumables, and medical devices exclusively for veterinary hospitals and veterinarians. BlueVet offers veterinarians lower purchasing prices compared to offline options, resulting in a steadily increasing membership base. The platform provides a seamless, 24/7 online ordering system and an advanced pharmaceutical logistics system, ensuring safe next-day delivery nationwide through a comprehensive one-stop purchasing service.

BlueVet meets stringent Korean Good Supply Practice (KGSP) certification standards with its pharmaceutical distribution process. This includes a thorough quality management system, constant temperature maintenance, cold storage facilities, and a cold chain-based refrigerated delivery system, all of which have garnered high satisfaction among veterinarians.

Furthermore, BlueVet serves as an AI-driven e-commerce platform connecting veterinary hospitals and pharmaceutical companies nationwide. It offers tailored pharmaceutical recommendations, efficient inventory management, and high-quality management of various pharmaceuticals, precisely addressing the needs of veterinary hospitals and the pain points of veterinarians, thereby providing differentiated services.

Sangseung Bae, Co-CEO of New Paradigm, stated, “VetTec Korea is expected to dominate the veterinary hospital market as a leading company in the veterinary pharmaceutical e-commerce sector. With the rapid growth in households raising pets, we actively participated in this follow-up investment, anticipating significant growth in the pet pharmaceutical market.”

He continued, “New Paradigm’s goal for follow-up investment in our family startups this year is KRW 100 billion. We will establish the ‘Second Follow-On Venture Investment Association’ within the year to continue follow-up investments in family startups that have achieved milestones and performance indicators. Our parent company, TS Investment, will also participate in these follow-up investments, fostering close collaboration.”