MyPuppy 'PetLink', Comprehensive Solution for Pet Shops... Enhances Data Utilization
[Asia Economy Reporter Kim Bo-kyung] "We will create a new ecosystem in the pet industry based on big data and artificial intelligence (AI) technology."
Kim Seong-hoon, CEO of the startup 'MyPuppy' established in 2018, is developing and distributing 'PetLink,' a comprehensive solution exclusively for pet shops. PetLink is an all-in-one solution that manages everything from pet shop operations to electronic contract services for animal adoption and pet insurance. PetLink contains detailed information about pets such as birth date, adoption timing, breed, and disease status, making the data highly useful. Currently, about 50 pet shops use PetLink, and approximately 14,000 animals are registered.
Recently, MyPuppy launched a B2B (business-to-business) insurance product exclusively for pet shops through PetLink. Compared to the domestic pet market, which is worth about 3 trillion KRW, the pet insurance subscription rate is only 0.2% of the total, which is quite low. This is because pet insurance products are still unfamiliar to the public and the costs are not insignificant. However, in an era with 15 million pet owners in Korea, where the population is declining and aging is accelerating, the pet market is a blue ocean for the insurance industry. CEO Kim said, "The pet insurance market must be developed based on accurate data through PetLink."
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Before founding the company, CEO Kim worked in related fields for over 10 years, including activities in animal protection organizations and operating pet shops. Last year, he completed the first cohort of the Global Startup Academy run by the Ministry of SMEs and Startups and participated in the 'Insurtech Startup' nurturing program operated by DB Insurance. CEO Kim stated, "Just as car owners are required to subscribe to liability insurance, an era will come when subscribing to pet insurance is essential to foster a proper adoption and nurturing culture." He also expressed his ambition to launch a metaverse (extended virtual world) service for virtual pet nurturing experiences and to become the first pet-related company to be listed on the stock market in the future.
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