New Paradigm Partners with 5 Pet Companies for Joint Projects to Support "Baby Unicorn" Growth

New Paradigm Investment is taking a commemorative photo after signing a joint business agreement with five companies in the pet industry. (Top) From the left: Bae Sangseung, CEO of New Paradigm; Kim Hyunsu, CEO of Blue M Tech; Yoon Sunghan, CEO of Pet Farm; Park Heegeun, CEO of Block Pet; Lee Seungyoon, CEO of Vetech Korea; Park Jehyeon, CEO of New Paradigm. (Bottom) From the left: Yoon Suho, Team Leader of Pet Farm; Hwang Heewon, CEO of Objectivo; Kim Byungjun, CEO of Yaongseom.

[Asia Economy Reporter Kim Bo-kyung] New Paradigm Investment, the operator of TIPS, announced on the 8th that it has signed a business agreement for joint commercialization among companies in the pet industry to secure a leading position in the pet market and invest in startups showing early success.

Park Je-hyun, CEO of New Paradigm Investment, stated, "The companies participating in this business agreement are Yaongseom, Objectivo, Blockpet, Petfarm, and Vettech Korea."

Through this agreement, they plan to actively promote ▲ joint business through mutual investment and cooperation in human and material resources ▲ collaboration in government project consortiums and joint R&D technology development ▲ joint entry into global markets such as overseas market development ▲ and other joint commercialization and order cooperation.

CEO Park said, "We plan to foster growth and development through regular cooperation and exchange, establish a united front for the pet business, and create results through joint commercialization of senior companies and business linkage of junior companies."

He added, "We will continuously support promising pet startups to grow into baby unicorn companies by early discovery, initial investment, and participation in TIPS selection and follow-up investment."

New Paradigm Investment has been supporting investment and nurturing of ICT and healthcare startups belonging to the 4th industry by additionally forming the 5th fund with 11.1 billion KRW last August. Earlier this month, it announced the '2022 Baby Unicorn Nurturing Program,' a plan for rapid focused investment in 15 promising startups including metaverse, non-fungible tokens (NFT), pets, digital healthcare, commerce, as well as ICT fields such as artificial intelligence (AI), software as a service (SaaS), and digital transformation.

After initial investments ranging from 200 million to 500 million KRW, New Paradigm plans specific support programs such as △ immediate recommendation for the TIPS program (500 million to 700 million KRW) △ support for additional funding through Kibo Angel and Shinbo YouConnect (guarantee support of 300 million to 1 billion KRW) △ follow-up investment of around 500 million KRW for previously invested companies that have advanced their business models and secured early performance indicators, and partner company co-investments totaling more than 2 billion KRW.

This content was produced with the assistance of AI translation services.