PAWCHI, a South Korean startup preparing to launch a pet insurance business, has successfully raised approximately USD 4.5 million(KRW 6 billion) in its Series A funding round. Investors included Signite Partners, Korea Investment Accelerator, HGI, and Thanks Ventures, bringing the total cumulative funding of PAWCHI to approximately USD 5.14 million(KRW 6.85 billion).

The startup plans to utilize the newly acquired funds to enhance its insurance-based solutions and digital services targeting the pet healthcare cost challenge. PAWCHI anticipates strategic synergies through collaboration with investors from diverse sectors, including distribution, platforms, insurance, finance, and education, to expand its presence in the domestic and global pet insurance markets.

PAWCHI was founded by professionals experienced in developing South Korea’s first long-term pet insurance product ‘Petpermint‘, along with former executives from Toss (Viva Republica) specialized in insurance strategy and investments.

Yoon-seok Seo, CEO of PAWCHI, emphasized, “We aim to address the financial burden of pet healthcare through innovative insurance solutions and technology, ultimately driving transformation across the broader pet industry.”