Most Popular
-
1
Dongduk Women’s University halts coeducation talks
-
2
Defense ministry denies special treatment for BTS’ V amid phone use allegations
-
3
Russia sent 'anti-air' missiles to Pyongyang, Yoon's aide says
-
4
OpenAI in talks with Samsung to power AI features, report says
-
5
Two jailed for forcing disabled teens into prostitution
-
6
South Korean military plans to launch new division for future warfare
-
7
Trump picks ex-N. Korea policy official as his principal deputy national security adviser
-
8
Gold bars and cash bundles; authorities confiscate millions from tax dodgers
-
9
Kia EV9 GT marks world debut at LA Motor Show
-
10
Teen smoking, drinking decline, while mental health, dietary habits worsen
China's CITIC Capital invests in plant-based food company Organica
By Ahn Ju-heePublished : Jan. 19, 2022 - 17:38
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.
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 (dianahn@heraldcorp.com)
