Innohas

About Innohas

Innohas is a South Korean food-tech startup founded in November 2021 by CEO and Co-Founder Jeesu Park. The company develops and manufactures plant-based meat substitutes and a variety of home meal replacement products.

The firm's business model includes producing its own brand, Sunlit Foods, and manufacturing OEM products for other food companies and retailers in South Korea and the US. Sunlit Foods is distributed in the US, Canada, France, Germany, the UK, South Africa, Australia, and the Netherlands. The product catalog features plant-based dumplings, charcoal-grilled meatballs, meat ribs, vegetable steak, and ready-to-eat meals like Plant-based Bulgogi and Vegetable Kimbap. Innohas's products are notable for contributing to the recent popularity of frozen kimbap in international markets.

A key aspect of Innohas's technology is a patented process that eliminates off-odors common in plant-based proteins and structures soy protein to mimic the texture of meat. This has allowed the company to circumvent South Korean restrictions on the export of animal-based proteins and promote Korean cuisine globally. The company reports that approximately 80% of its sales originate from exports, with the U.S. market comprising over 90% of that figure. Innohas has experienced significant growth, reporting a 90% year-on-year revenue increase in 2023 and has been consistently profitable.

In early 2024, Innohas opened its second factory in Jecheon, described as the largest plant-based specialized factory in South Korea, which tripled its production capacity. The company has received Series A funding from investors including VinaCapital, Shinhan Venture Investment, and Ascendo Ventures, with plans to expand into Southeast Asian markets like Vietnam and Indonesia. The company also holds Halal certification and aims for an IPO in 2025.