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…
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