The startup Pouch, which is working to establish a specialized insurance company for pets, has secured a total investment of 6 billion won through its Series A round.
Pouch noted on the 29th that, including this latest fundraising, it has achieved a total accumulated investment of 6.85 billion won.
This round saw participation from financial investors (FI) and strategic investors (SI) such as Cignight, Korea Investment Accelerator, HGI, and Thanks Ventures. Pouch plans to accelerate the development of insurance-based solutions and digital services to address pet medical expenses based on this investment.
Pouch said, "Strong synergy is anticipated in the expansion of the domestic and international pet insurance market through strategic collaboration with major investors based on various industries such as distribution, platforms, insurance, finance, and education."
Pouch is a startup founded by professionals who developed and operate 'Petpermin'—the first long-term pet insurance product in South Korea—and those who have handled overall insurance business, strategy, and investment at Toss (Viva Republica).
Last year, the annual premium income from pet insurance was 79.9 billion won (with 162,000 contracts), an increase of more than 70% compared to the previous year.