As the global beauty market continues to evolve, South Korea’s reputation as a powerhouse for innovation and technology is more evident than ever, especially in the field of ingredient tech. In September 2025, RAFIQ Cosmetics (also styled as RAFIQ) successfully raised $11.1 million (KRW 15 billion) in its Series B funding round, fueled by demand for its upcycled, plant-based skincare innovations and proprietary manufacturing technologies. The round was led by Kolon Investment and included key backers like Hana Ventures, Wonik Investment Partners, and Ubiquoss Investment.
The RafiQ Story: Upcycling, Science, and Beauty
Founded in 2017 by CEO Lee Beom-joo, RafiQ Cosmetics set out to develop natural raw material technologies by upcycling food by-products and utilizing entire plant structures for cosmetics. The heart of their technology is SofTech™, a proprietary process that softens entire plant parts (leaves, blossoms, etc.) so they can be directly incorporated into formulations. Other exclusive in-house innovations include SoftFerm™, Upcycling Beauty™, and Upcycle Exosome™.
Their goal: maximize the beneficial content of natural ingredients, challenging industry norms where the actual content of natural ingredients is often very small. CEO Lee Beom-joo, who previously earned distinction at the Kolmar Korea Research Institute and received the 2025 Root Technology Competition’s presidential citation, shared:
“We have achieved results in maximizing the use of natural ingredients so that actual active ingredients remain as much as possible”.
Manufacturing, Product Lines, and Brand Expansion
RAFIQ operates as both a raw-ingredient innovator and a cosmetics ODM/OBM partner. The company not only develops regional specialty and white-label cosmetics but also sells its own brand: Plenty Plant. With this new funding, RAFIQ will construct a CGMP-certified manufacturing plant in Cheonan, including advanced filling and packaging lines, allowing a fully integrated system from R&D to finished product manufacturing.
The company’s technology and eco-friendly mission have found commercial traction:
RAFIQ has been expanding through collaborations with K-beauty Indi-brands and recorded USD 6.1 million in sales in the first half of this year, already surpassing last year’s annual results.
Industry and Investor Perspective: Why RafiQ Stands Out
Industry leaders see the future of beauty differentiation in advanced formulation and sustainability. “In the K-beauty market, the core of differentiation lies in technology,” said Cho Hong-soo, Director at Kolon Investment. “RAFIQ possesses formulation expertise that elevates the visual and functional appeal of cosmetic ingredients.”
Hana Ventures added:
“Having observed the company for a long time, we recognized that its consistent R&D has resulted in strong accumulated technology, which has been validated by rapid growth in orders and revenue. We expect RAFIQ to directly benefit from the continued growth of the K-beauty market, which is why we also joined this follow-on round.”
The Bigger Picture: K-Beauty and Ingredient-Tech
RafiQ’s rise comes amid intense interest in the niche and ingredient-oriented segment of K-beauty. With venture capital pouring into startups focused on clean, functional, and sustainable beauty, RAFIQ is in a prime position to capture this growth. Its emphasis on differentiated, science-backed, and eco-friendly technology resonates with both conscious consumers and brand partners looking for authenticity and visible efficacy.
Future Outlook
With a successful Series B, advanced manufacturing on the horizon, and an expanding client base, RAFIQ is set to deepen its impact—pioneering the integration of upcycling, plant science, and cosmetic innovation for the next generation of beauty consumers.
CEO Lee said, “The front end of cosmetic ingredients seems to be a small field in ODM (manufacturer development production) and OEM (order trademark production), but we wanted to find the ingredients that consumers really want. We have achieved results in maximizing the use of natural ingredients so that actual active ingredients remain as much as possible.”
