Ryan Jung wook Hong, founder and chairman of Organic (Organica)
CITIC Capital, a global investment company managing $16 billion 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-made meals, the Seoul-based company said. It aims to gain a global foothold by capitalizing on the external funding it raised from CITIC Capital.
“The Organica-CITIC Capital partnership will be the cornerstone for 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.
Organica plant-based cleanses 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 a spinoff from Organica that targets the alternative meat market.
“We are delighted to support Organica with its global mission to provide innovative food for our health and environment,” said Hanxi Zhao, CITIC Capital’s senior managing director.
Founded in 2013, Organica’s products include alternative meat, plant proteins and functional foods as well as vegan snacks and beverages. It has launched products across major channels such as Starbucks, Coffee Bean, 7-Eleven, and Yakult.
By Ahn Ju-hee (email@example.com)