AboutPet receives 10-billion-won investment from Naver

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AboutPet receives 10-billion-won investment from Naver

Published: 05 May. 2022, 18:13 Updated: 05 May. 2022, 19:12

A promotional image for AboutPet. [GS RETAIL]

AboutPet is receiving a 10-billion-won ($7.9 million) investment from Naver, the company announced Thursday.

The pet product retailer 57.3 percent owned by GS Retail said the investment was agreed to on Monday. Specific stakes weren’t disclosed.

With the investment, AboutPet said it will be able to fund the use of Naver IT technology to improve customer service.

“The funding will be used to invest in IT and logistics infrastructure, with a focus on automating the logistics process,” said Kim Kyung-hwan, CEO of AboutPet. “We plan to continue to work with Naver to secure our spot as the leading vertical commerce retailer for pet products.”

Vertical commerce refers to an e-commerce company that specifically sells one type of good rather than a wide range of goods.

This isn’t the first time AboutPet partnered with Naver. The two companies signed a memorandum of understanding in May last year, announcing they will cooperate to develop an online chat service that connects AboutPet users to vets so they can ask questions.

Naver also helped the company create a system that recommends products based on purchase history on its online website. AboutPet also started selling on Naver Shopping using the company’s logistics infrastructure to offer same-day deliveries.

AboutPet was founded in 2012 and acquired by GS Retail in 2018. It logged revenue of 26.1 billion won last year, up 123 percent on year. GS Retail has been focusing on expanding business in the pet sector, also acquiring 30 percent of pet product e-commerce company Pet Friends last year for 32.5 billion won.

BY LEE TAE-HEE [[email protected]]