SK Networks Invests 28 Billion KRW in Pet Startup

SK Networks announced on the 30th that it has invested 28 billion KRW in BMSmile, an early-stage pet care company. By purchasing 135,811 new shares of BMSmile, SK Networks secured a 10% stake, becoming the second-largest shareholder through this strategic investment.

BMSmile is the only company in Korea with a vertically integrated system related to the pet industry. Its main brand, Pesroom, operates various businesses including a range of products and technologies. It also holds shares in WiggleWiggle, a subsidiary specializing in design intellectual property rights.

Ryu Seong-hee, Head of Sustainable Management at SK Networks (left in photo), and Park Bong-su, CEO of BM Smile, are holding a commemorative event after completing the investment execution on the 27th.
[Photo by SK Networks]

SK Networks stated that it made this investment focusing on the industrial growth potential of the pet care market. The pet market size is expected to grow from 8 trillion KRW last year to 20 trillion KRW by 2032, with an average annual growth rate of about 10%. The two companies are expected to collaborate in various fields, including entering the pet market using SK Magic, and partnerships involving the lifestyle brand WiggleWiggle and Walkerhill.

An SK Networks official said, "We will enhance our investment business capabilities and advance management processes to improve the completeness of our investment portfolio."

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