Equity Participation in Fund Investing in Startups in Northern Europe
Strengthening the International Competitiveness of Japanese Companies through Investments in Northern Europe as Frontrunner in Sustainability & Digitalization Sector

• Region: Europe
• Others
• Equity Investment

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed an agreement^*1 for equity participation in NordicNinja Fund II SCSp (the Fund) of Luxembourg. The Fund is targeting EUR200 million, toward which JBIC committed to investing EUR 58 million.
     
2. The Fund, a venture capital fund established by JBIC IG Partners (JBIC IG)^*2 and others, invests in startups related to the sustainability and digitalization sector, mainly in Northern Europe^*3. It is a successor to JB Nordic Fund I SCSp^*4 to invest in startups in the Nordic and Baltic regions, which was established in 2019 with the investment of JBIC. JBIC and the following Japanese companies committed to investing in the Fund.
     

   erex Co., Ltd.	OMRON Corporation
   Kyuden International Corporation	Kiraboshi Bank, Ltd.
   KOSÉ Corporation	TOKYO GAS CO., LTD*5
   JGC HOLDINGS CORPORATION	Hitachi Zosen Corporation
   Honda Motor Co., Ltd.	KDDI CORPORATION
   SOMPO Light Vortex, Inc.

3. In Northern Europe, public awareness of SDGs and climate change is high, and the movement toward building a sustainable society and realizing a circular economy is gaining momentum. In recent years, this region has seen the emergence of various world-leading startups in the area of sustainability in a wide variety of industries. In addition, a cycle has been created where experienced entrepreneurs pass on their knowledge and capital to next-generation entrepreneurs, as seen in unicorn startups. This has made the startup ecosystem that produces many up-and-coming startups in this region.
     
4. The Fund will support Japanese companies to achieve Sustainability Transformation (SX) by promoting businesses and capital alliances between startups in Northern Europe and Japanese strategic investors. The equity participation of JBIC is expected to contribute toward maintaining and improving the international competitiveness of Japanese companies.
     
5. As Japan’s policy-based financial institution, JBIC will continue to provide financial support for the maintenance and improvement of the international competitiveness of Japanese industry, by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function, including equity participation and investments.
     

Note

1. *1 
   The agreement was signed on March 31, 2023. However, JBIC issues the press release today in light of the progress toward the commencement of fund operation, etc.
2. *2 
   JBIC IG is a joint venture between JBIC and Industrial Growth Platform, Inc. (IGPI).
3. *3 
   Northern Europe comprises 13 countries: the U.K., Ireland, Belgium, the Netherlands, Luxembourg, Finland, Sweden, Denmark, Norway, Iceland, Estonia, Latvia, and Lithuania.
4. *4 
   See Press Release on January 15, 2019.
5. *5 
   TOKYO GAS CO., LTD committed to the Fund through its subsidiary.