A South Korean pet pharmaceutical startup Petpharm has raised approximately USD 4.9 million(about KRW 6.5 billion) in Series B funding, bringing its total investment to USD 7.9 million(KRW 10.5 billion). The funding round saw participation from five investors, including existing backer Eugene Asset Management and new investors STIC Ventures, CRIT Ventures, Timeworks Investment, and D.CAMP.

CRIT Ventures CEO Jae-Jun Song highlighted the growth potential of the pet pharmaceutical market, driven by an increasing pet population and regulatory improvements. He noted that Petpharm has secured a significant market share through its extensive network and anticipates further growth via brand development and business expansion.

Petpharm CEO Sung-Han Yoon emphasized the challenges domestic companies face in a market dominated by multinational pharmaceutical firms. He stated that Petpharm aims to localize various pet medications through its distribution network, offering pet owners a broader selection and more reasonable purchasing options.

Currently, Petpharm boasts a membership of approximately 6,000 veterinary pharmacies nationwide. In February, the company obtained a license to manufacture veterinary medicines and is collaborating with domestic manufacturers to launch Korean-made pet pharmaceutical products.