Ryan Jung wook Hong, Founder and Chairman of Organic (Organica)
CITIC Capital, a global investment firm with $16 billion under management worldwide, has invested in Organica, a plant-based food company in Korea, the companies said on Wednesday.
It is the first case of CITIC Capital of China making a direct investment in a Korean company, they added.
CITIC has shown interest in Organica’s vision for sustainability and its plant-based product lines ranging from clean juices and snacks to ready meals, the Seoul-based company said. It aims to go global by benefiting from the external funding it has received from CITIC Capital.
“The partnership between Organica and CITIC Capital will be the cornerstone in making K-vegan a global standard,” said Jungwook Hong, Chairman of Organica. Until 2019, Hong was also Chairman of Herald Corp., the parent company of The Korea Herald.
Organic Plant-Based Cleansing Juice (Organica)
CITIC Capital has over 160 portfolio companies in China and worldwide. As a strategic investor, CITIC Capital will actively work with Organica and BriteBelly for their global expansion. BriteBelly is an Organica spin-off targeting the alternative meat market.
“We are excited to support Organica in its global mission to provide innovative foods for our health and environment,” said Hanxi Zhao, Senior Managing Director of CITIC Capital.
Founded in 2013, Organica’s products include alternative meats, plant-based proteins and functional foods, as well as vegan snacks and beverages. It has launched products on major channels such as Starbucks, Coffee Bean, 7-Eleven and Yakult.
By Ahn Ju-hee ([email protected])