Vegan foodmaker Organica attracts funding from China's CITIC

Plant-based food company Organica Corp. has attracted investment from China’s alternative investment firm CITIC Capital Holdings Ltd. This marks the first direct investment in a South Korean company by the Chinese investor, which manages $16 billion worldwide.

It is the first outside funding for Organica, which has achieved revenue growth of more than a hundredfold without relying on external investment since its inception in 2013. The Korean company didn't disclose details of the deal.

CITIC is focused on Organica’s brand value and plant-based food products. The investment firm has also shown interest in the growth potential of BriteBelly, Organica’s spin-off alternative meat company.

As a strategic investor, CITIC will support the global businesses of Organica and BriteBelly. The two food companies will use the investment to develop products and brands for overseas marketing, particularly in China and other Asian countries.

Managing 160 companies worldwide in its portfolios, CITIC has invested in McDonald’s China and global health product company GNC Holdings Inc. “The Organica-CITIC partnership will be the starting point for K-vegan to become the global food standard,” Organica Chairman Jung wook Hong said.

Founded in 2013, Organica’s vegan products include protein powder, pasta, dumplings, juices, snacks and jellies. The food company supplies products to Starbucks, Coffee Bean, Costco, Amway, E-mart, 7-Eleven and others.

Korea is accelerating its alternative food businesses overseas. Last November, food company Pulmuone Co. said it will sell soybean protein-based meat alternatives at all WaBa Grill restaurants, a healthy rice bowl franchise in the US. In October 2021, SK Inc. and Korean private equity firm STIC Investment Inc. said they have invested a combined $55 million in US alternative dairy maker Perfect Day Inc.