BaroPharm, a South Korea-based total pharmacy management platform, has secured ₩15 billion (approximately $11.2 million USD) in pre-IPO funding. The round was led by SBVA, with new participation from KDB Capital, along with continued support from existing investors, including Mirae Asset Capital, Mirae Asset Venture Investment, and Company K Partners.

This latest round brings BaroPharm’s total investment to ₩35 billion (about $26.1 million USD). The company appointed Mirae Asset Securities as its IPO lead manager in March and is currently advancing with the IPO process.

Founded by CEO Seulgi Kim and COO Kyungdo Shin, BaroPharm launched South Korea’s first integrated pharmacy management platform in July 2021. In just three years, the platform has grown to serve over 20,000 pharmacies across the country, covering 80% of the market, with cumulative orders exceeding ₩3 trillion (around $2.24 billion USD).

As practicing pharmacists, CEO Seulgi Kim and COO Kyungdo Shin have successfully enhanced the service by introducing features such as integrated drug ordering, restock alerts for out-of-stock medications, return management, and a pharmacy-focused community, significantly improving customer convenience.

SBVA Managing Director Jiwoo Jung, who led the investment, stated, “BaroPharm has demonstrated its competitive edge in the pharmaceutical ordering platform space by rapidly acquiring customers and achieving significant growth since its launch. We anticipate further expansion into healthcare commerce and B2B services leveraging data.”

Seulgi Kim, CEO of BaroPharm, added, “This investment provides a crucial foundation for accelerating BaroPharm’s growth. We will continue to introduce innovative solutions to strengthen our platform and build a robust ecosystem for the pharmaceutical industry.”