Pet specialist company 'Fitpet' announced on the 21st that it has successfully secured a strategic investment of 5 billion KRW from Dongwha Pharmaceutical.
Through this strategic investment, Dongwha Pharmaceutical plans to utilize Fitpet's database of hundreds of thousands of pet healthcare records to research and develop veterinary medicines using its pharmaceutical development expertise and manufacturing capabilities. Additionally, it has secured the exclusive negotiation rights for the commercialization of medicines developed through this investment.
Fitpet has raised over 60 billion KRW in cumulative investments so far, providing various services such as easy pet testing services, health-customized commerce, and finding animal hospitals. It was selected as a Baby Unicorn in 2020 and a Pre-Unicorn company in 2021.
Ko Jung-wook, CEO of Fitpet, said, "Through this investment, we will do our best to build an ecosystem for total pet healthcare, including diagnostic testing, high-quality product development, commerce, therapeutics, and pet insurance," adding, "Both companies plan to establish a close cooperative relationship for this purpose."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
