New Paradigm Investment's Pre-Series A Investment in 'PetFarm'
[Asia Economy Reporter Kim Jong-hwa] New Paradigm Investment announced on the 3rd that it has made a pre-Series A investment in Petpharm Co., Ltd., a pet startup operating the animal pharmacy platform 'Petpharm (PET PHARM)'.
Petpharm is a pet medicine specialized startup established in December 2019. It has secured over 1,200 animal pharmacies nationwide and operates the Petpharm app based on this network. It was the first in Korea to launch an animal pharmacy platform app, surpassing 10,000 downloads on the Google Play Store. Starting from monthly sales of 600,000 KRW in its early days, Petpharm has rapidly grown to record monthly sales of approximately 140 million KRW as of June this year. The expected sales for this year are about 1.4 billion KRW.
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Park Je-hyun, CEO of New Paradigm Investment, said, "Petpharm was the first in Korea to launch an animal pharmacy platform app and has quickly secured over 1,200 animal pharmacies nationwide." He added, "We decided to invest because Petpharm has very high potential for expansion and growth through its integrated platform business for animal medicines targeting animal pharmacies."
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