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”…
