Pawchi

Pawchi is a South Korean startup positioned to become the country's first fully licensed pet-specialist insurance company. The company was established in February 2024 as 'Pawchi Insurance Preparatory Corporation' with the goal of launching its first pet insurance product in 2025. The founding team is a significant asset, comprised of the core professionals who developed and operated 'Petpermint,' South Korea's first long-term pet insurance product, alongside talent from Toss (Viva Republica) who have a background in insurance business management and investment strategy. This venture is led by CEO Seo Yoon-seok, who previously helmed business strategy at Toss and Toss Insurance and was a key developer of the aforementioned Petpermint policy at Meritz Fire & Marine Insurance.

The company is targeting the rapidly growing but underserved pet insurance market in South Korea. As of late 2022, the pet insurance subscription rate was a mere 0.9%, a stark contrast to markets like the UK (25%) and Japan (12.5%), highlighting a substantial market opportunity. Pawchi aims to address the high costs of veterinary care by offering accessible and affordable insurance products. The business model focuses on providing pet owners with comprehensive coverage and a simplified claims process, removing financial barriers to necessary medical treatments. The company plans to leverage technology to enhance its insurance-based solutions and digital services, creating a seamless experience for customers from enrollment to reimbursement.

Financially, Pawchi has demonstrated strong early-stage investor confidence. The company secured an initial 850 million KRW in a seed funding round from Fast Track Asia in February 2024. This was followed by a significant Series A round in April 2025, where it raised 6 billion KRW (approximately $4.5 million USD). This recent round, which included investors like Signite Partners, Korea Investment Accelerator, HGI, and Thanks Ventures, brought Pawchi's total accumulated funding to 6.85 billion KRW (about $5.14 million USD). These funds are earmarked for advancing its digital service offerings and preparing for its official launch as a licensed small-sum, short-term insurer.

Keywords: pet insurance, South Korea, insurtech, pet healthcare, veterinary insurance, pet finance, animal health insurance, Seo Yoon-seok, Petpermint, Toss, pet care market, pet medical expenses, digital insurance, animal welfare, companion animal insurance, Series A, pet industry, insurance startup, veterinary care financing, small-sum insurance