All Funding PetTech Startup News in Korea (Korean Startup News)

SK Networks Invests 28 Billion KRW in BMSMILE, South Korea’s Leading Pet Care Startup

2023-10-31 2 min read

SK Networks Invests 28 Billion KRW in BMSMILE, South Korea’s Leading Pet Care Startup

Reading Time: 2 minutes

SK Networks has invested 28 billion won in the South Korean pet care startup, BMSMILE, securing a 10% stake and becoming the second-largest shareholder. 

BMSMILE is the only company in Korea to have established a vertically integrated system in the pet industry. The company’s leading brand, “Pethroom,” is involved in various pet care-related businesses, including sand, pet supplies, and pet tech. 

BMSMILE also owns a design intellectual property (IP) subsidiary called “Wiggle Wiggle,” which has shown steady growth for over ten years, collaborating with various domestic and international companies. 

SK Networks decided to make this investment based on the growth potential in the pet care market. The size of the Korean pet market is expected to grow at an average annual rate of about 10%, from 8 trillion won in 2022 to around 20 trillion won by 2032. The global pet market size reached 498 trillion won in 2022. 

Furthermore, the trend of “Pet Humanization,” where pets are considered part of the family, is expanding, and from 2018 to 2023, the average monthly pet care expenses have increased by 44%, from 91,000 won to 131,000 won. 

SK Networks sees various strategic cooperation possibilities with BMSMILE. This includes entering the pet-related market using SK Magic, forming alliances between the lifestyle brand Wiggle Wiggle and Walkerhill, and exploring AI-linked pet insurance, pet tech, and other future technology-based lifestyle businesses, leveraging Encore’s data management capabilities. 

SK Networks plans to enhance their competitive edge through strategic collaboration with BMSMILE, simultaneously pursuing continuous innovation as a “business-type investment company” to boost their business competitiveness.

[Korean PetTech Startup News]

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