Crit Ventures (CEO Song Jae-jun) announced that it invested 1.5 billion won in Pet Farm (CEO Yoon Seong-han), a veterinary medicine distribution and manufacturing company. Pet Farm’s cumulative investment amount is 5.5 billion won, and it is currently in the process of attracting additional Series B investment.
Founded in 2019, Pet Farm entered the pet medicine distribution market by launching 'Pet Farm', a B2B mall dedicated to animal pharmacies, in 2020. Pet Farm signed an exclusive supply contract for heartworm medication and other medicines for companion animals, mainly dogs and cats, with Eagle Vet, Kwangdong Pharmaceutical, Kyungbo Pharmaceutical, etc. Based on this, it has attracted 50% of the 12,000 animal pharmacies in Korea as members and is building the largest distribution network in the industry.
In particular, Pet Farm, led by CEO Yoon Seong-han, is quickly securing members by helping general pharmacies obtain animal pharmacy licenses through consulting and aftercare through sales teams operating across the country in Seoul, Incheon, Gyeonggi, Chungcheong, Gangwon, Yeongnam, Honam, and Jeju.
In addition, Petfarm secured its own production capacity by starting construction of a manufacturing facility certified by the Korea Veterinary Good Manufacturing Practice (KVGMP) in the second half of 2023. Starting with one of its own drugs last year, it plans to sequentially launch five generic drugs within the year.
Pet Farm CEO Yoon Seong-han said, “We will continue to expand our distribution network and dramatically improve our financial structure by manufacturing our own pharmaceutical brands,” adding, “We will strive to establish ourselves as the first service that comes to mind in the pet market.”
Song Jae-jun, CEO of Crit Ventures, said, “The pet medicine market is expected to show high growth due to the increase in the pet population and government system improvements,” and “Pet Farm has secured a high market share based on its wide network, so we expect growth through strengthening its own brand and expanding its business in the future.”
Meanwhile, according to data released by the Ministry of Agriculture, Food and Rural Affairs, the average cost of raising a pet in 2024 is 142,000 won per month, or 1.7 million won per year. Of this, health care and hospital expenses for illness/injury account for more than 36%, indicating that most of the expenses spent on pets are in the healthcare sector.
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