Korean pharma giant Green Cross ups the ante for pet care business

[Source: Green Cross Holdings Corp.]

Green Cross Holdings Corp. expands its footprint in the pet care sector with a new investment in Korean start-up AnimalGo, a pet platform, after first entering the pet care sector last year .

AnimalGo, the operator of an online pet information and services channel, recently closed a funding round in which Green Cross Holdings acquired 21,697 AnimalGo shares for an undisclosed amount, sources say. of the sector on Sunday. With this investment, Green Cross Holdings controls 43% of the newly issued shares of the startup. AnimalGo’s enterprise value was estimated at around 10 billion won ($7.6 million) in the last funding round.

This is a very early stage investment for the 3-year-old company, which makes it difficult to consider as a pre-IPO investment, a market source said.

AnimalGo, founded in 2019, operates a namesake app to help users find hotels, nurseries and cafes for their pets. The company also runs offline pet care stores in several locations in Seoul and Jeju.

[Source: AnimalGo]

[Source: AnimalGo]

AnimalGo develops its app using deep learning technology to provide personalized animal management services, including optimal feeding recommendations based on the animal’s emotions, age, defecation and ancestry. animal.

Earlier this year, AnimalGo attracted FuturePlay, which focuses on investing in early stage startups, as a new shareholder. Investment in AnimalGo was based on deep understanding of the pet industry, technology capabilities and multiple partnerships that can lead to business expansion, said Kwon Oh-hyoung, a partner at FuturePlay. who led the investment.

Korea’s pet market was estimated at 3.4 trillion won in 2020, up 79% from 2015, according to the Korea Institute of Rural Economic Research. The market is expected to grow further to reach 6 trillion won by 2027.

By Kang Woo-seok and Minu Kim

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