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I also checked Horror Webcomics, and I can tell you two things:
1. It's not one of those.
2. Apparently, demonic teddy bears play a fundamental role in the psychic makeup of Web cartoonists that they don't in ordinary people's.
Edited by JhimmibhobA little research led me to Bear Nuts, thought it might be a long shot.
"And as long as a sack of shit is not a good thing to be, chivalry will never die."Bumpty-bump. Throwing whatever I can recall at the wall, praying for stickage:
Issue 1: Included a little vignette for each searcher/victim. The page would begin with the one-word narrator insert "Fox." (or whichever stuffed animal was being depicted). The entire first issue had a conventional—if disturbing—plot.
Issue 2: Can't remember details, but the ostensible story collapsed into surrealism after a few pages. The least conventionally "scary" issue.
Issue 3: Begins at door of carnival funhouse; collapses into surrealism almost immediately. High Octane Nightmare Fuel abounds.

There was a series of webcomics I remember during the late '90s, centered around an anthropomorphic teddy bear. Each issue (there were at least three) was different, darker, and more terrifying than the last. In the first issue, 5-6 stuffed animals go traipsing through the forest, and each in turn is horribly killed or ... turned somehow.
By the third issue, the storyline had become completely plotless & surreal, and was set inside a carnival funhouse. In one frame, the teddy bear says "Henh," grinning at the Wolverine claws he'd just inexplicably sprouted. In the next—wordless—panel, he's sporting spirally MadEyes, and poised to strike out at the reader.
Edited by Jhimmibhob