Korean VC firms expand investments in pet technology startups

Pet technology refers to technologies or products designed to help owners care for their pets through apps, e-commerce and online services. 

Accelerator New Paradigm Investment, a subsidiary of venture capital firm TS Investment, invested in blockchain-based pet identification app BlockPet last month, according to an official on Tuesday. The official, who requested anonymity, told The Korea Herald that the size of the investment could not be revealed. 

BlockPet, developed by a startup of the same name, helps owners register their pets’ identification on a big data platform, without a collar or microchip tag, which allows them to accumulate data about their pets. 

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According to Park Jae-hyun, CEO of New Paradigm Investment, the firm’s pet identification technology is expected to develop further into an all-around service platform, with more than 30 percent of Korean households now owning pets. 

In June, Fitpet, a developer of pet health care kits, raised $4.4 million through series A funding.

The investors included venture capital firm LB Investment, which previously made a series of lucrative investments in popular boy band BTS’ agency Big Hit Entertainment. Samsung Venture Investment, Samsung Electronics’ venture capital affiliate, and Spring Camp, the nation’s largest internet service provider Naver’s venture capital firm, were also among the investors.