Korean beauty startup RAFIQ, which develops cosmetic raw material technologies using natural plants and food by-products, has raised USD 11.1 million(KRW 15 billion) in Series B funding. The round was led by Kolon Investment, with participation from Hana Ventures, Wonik Investment Partners, Ubiquoss Investment, and IBK Venture Investment, bringing RAFIQ’s total funding to USD 15.3 million(KRW 20.7 billion).

Founded in 2017, RAFIQ holds proprietary technologies such as SofTech™ (plant softening technology), SoftFerm™ (bioconversion of softened plant material), Upcycling Beauty™, and Upcycle Exosome™. The company operates across multiple business lines, including ODM, regional-specialty cosmetics development, and its own brand “Plenty Plant.”

RAFIQ has been expanding through collaborations with K-beauty Indi-brands and recorded USD 6.1 million(KRW 8.2 billion) in sales in the first half of this year, already surpassing last year’s annual results.

The new funding will be used to build a CGMP-certified manufacturing plant in Cheonan, South Korea, with a total floor area of 3,520 pyeong (approx. 11,640 m²). The facility will include filling and packaging lines, establishing a fully integrated production system from product planning and R&D to finished product manufacturing.

Cho Hong-soo, Director at Kolon Investment, who led the round, stated, “In the K-beauty market, the core of differentiation lies in technology. RAFIQ possesses formulation technologies that maximize the visual and functional properties of raw materials.”

A representative from 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.”