CRIT Ventures has announced a $1.1 million (KRW 1.5 billion) investment in Petpharm, a company specializing in the distribution and manufacturing of animal pharmaceuticals. In 2023, Petpharm secured $2.4 million (KRW 3.2 billion) in Series A funding, bringing its total funding to $4.1 million (KRW 5.5 billion). The company is currently seeking additional investment as part of its Series B round.  

Founded in 2019, Petpharm launched its B2B platform exclusively for veterinary pharmacies, “Petpharm,” in 2020, marking its entry into the pet pharmaceutical distribution market. The company has secured exclusive supply agreements with major firms such as EagleVet and Kwang Dong Pharmaceutical for heartworm medication and other veterinary drugs for dogs and cats. With these agreements, Petpharm now serves approximately 50% of South Korea’s 12,000 veterinary pharmacies, establishing the industry’s largest distribution network.  

Under the leadership of CEO Sung-Han Yoon, Petpharm has rapidly expanded its membership by helping general pharmacies obtain veterinary pharmacy licenses. Its sales teams, operating nationwide across Seoul and Incheon, Gyeonggi, Chungcheong, Gangwon, Yeongnam, Honam, and Jeju, provide consulting and after-sales support, further strengthening its network.  

In the second half of 2023, Petpharm also began construction on a KVGMP-certified (Korea Veterinary Good Manufacturing Practice) production facility, enhancing its in-house manufacturing capabilities. After launching its first proprietary pharmaceutical product last year, the company plans to introduce five more generic drugs throughout this year.  

“Our goal is to continuously expand our distribution network and significantly improve our financial structure through in-house pharmaceutical manufacturing,” said CEO Sung-Han Yoon. “We are committed to establishing Petpharm as the leading service in the pet healthcare market.”  

Jae-Jun Song, CEO of CRIT Ventures, added, “With the growing pet population and regulatory improvements, the pet pharmaceutical market is poised for strong growth. Petpharm has built a solid market share through its extensive network, and we expect further expansion through the development of its proprietary brand and business operations.”