Rafiq, the Korean ingredient start-up, develops raw material technologies using natural plants and food by-products and has landed a Series B funding round.WHO: Founded in 2017 by CEO Lee Beom-joo, Rafiq develops cosmetic ingredients by upcycling food by-products and utilizing natural plants. The firm's core business is centered on its proprietary "SofTech" (Plant Softening Technology), a process developed after more than 500 experiments. This technology allows whole plant parts like leaves and flower petals to be softened and incorporated directly into cosmetic formulations. Other proprietary technologies include SoftFerm, Upcycling Beauty, and Upcycle Exosome.The company operates across multiple business lines, including ODM, regional specialty cosmetics development, and its own brand Plenty Plant.WHY: The new funding will be used to build a CGMP-certified manufacturing plant in Cheonan, South Korea, that will include filling and packaging lines, establishing a fully integrated production system from product planning and R&D to finished product manufacturing.IN THEIR OWN WORDS: 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.