MyBrown Pet Insurance Raises Additional 17 Billion Won in Capital with New Participation from Korea Development Bank

MyBrown Pet Insurance, a pet insurance specialist, announced on December 16 that it has completed an additional capital increase of 17 billion won.

This capital increase included participation from existing major shareholders, as well as the Korea Development Bank (KDB), which joined as a new shareholder.

Existing investors, including Woorien, Green Cross Veterinary Products, and Samsung Fire & Marine Insurance, all major shareholders of MyBrown, participated in the additional investment, expressing their confidence in the company's growth potential and marketability.

The new participation of the Korea Development Bank is significant, as it demonstrates that MyBrown's corporate value and stable business foundation have been recognized by a reputable institution. According to MyBrown, the Korea Development Bank decided to invest after highly evaluating the rapid growth and structural stability of the domestic pet insurance market.

With this capital increase, MyBrown has further strengthened its financial foundation, following its initial capital of 13.2 billion won and the new investment.

Established in March last year, MyBrown is the first pet insurance specialist in Korea to receive official approval from the Financial Services Commission. Since its official launch in July this year, the company has been experiencing rapid growth. Currently, the number of new subscribers continues to increase by more than 1,000 per month, and the number of affiliated partner animal hospitals has surpassed 200.

Industry experts attribute MyBrown's rapid rise as a key competitor to large insurance companies and other pet insurance providers to several factors: the expertise of coverage items designed based on veterinarians' extensive clinical experience; basic coverage for high-cost treatments provided without the need for additional riders; and more reasonable premiums compared to competitors. The real-time insurance payout system, "Live Claim," available at partner hospitals, is also highly regarded by customers for its convenience.

Based on the newly secured 17 billion won in funding, MyBrown plans to accelerate the enhancement of its core competencies, such as strengthening the competitiveness of the Live Claim system and expanding its partner hospital network.

Lee Yonghwan, CEO of MyBrown, stated, "The new participation of the Korea Development Bank is a meaningful result that confirms MyBrown's growth potential, stability, and business credibility through a major financial institution," adding, "We will continue to innovate our services by enhancing our core competencies to expand market competitiveness, while also increasing the benefits and trust that pet owners can experience."