Additional Commitment to Fund Investing in Northern European Startups
Strengthening 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 on September 30 an agreement for equity investment in NordicNinja Fund II SCSp (the Fund) of Luxembourg. JBIC committed to investing EUR11 million in the Fund in addition to the commitment made last year.
     
2. The Fund, a venture capital fund established by JBIC IG Partners (JBIC IG) ^*1and others in 2023, invests in startups related to the sustainability and digitalization sector, mainly in Northern Europe^*2. JBIC has already committed to investing EUR58 million in the Fund^*3, and with this additional commitment, the total amount of JBIC’s commitment reached EUR69 million. JBIC and the following Japanese companies committed to investing in the Fund.
     

   erex Co., Ltd.	OMRON Corporation
   Kanadevia Corporation (formerly known as Hitachi Zosen Corporation)	Kyuden International Corporation
   Kiraboshi Bank, Ltd.	KOSÉ Corporation
   Sumitomo Forestry Co., Ltd.*	TOKYO GAS CO., LTD. *4
   JGC HOLDINGS CORPORATION	Honda Motor Co., Ltd.
   Metal One Corporation*	YAMATO HOLDINGS CO., LTD.*
   KDDI CORPORATION	SOMPO Light Vortex, Inc.

   * Japanese companies that committed to the Fund in 2024

3. Northern Europe is known for its public awareness of SDGs and climate change, and the movement toward building a sustainable society and realizing a circular economy in the region 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 aims to support Japanese strategic investors to achieve Sustainability Transformation (SX) by promoting business partnerships and capital alliances between startups in Northern Europe and Japanese companies. So far, the collaborations between these entities have already been realized. The equity investment 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 support the overseas business expansion of Japanese companies by drawing on its various financial facilities for structuring projects, including its equity investment function, and performing its risk-assuming function.
     

Note

1. *1 
   JBIC IG is a joint venture between JBIC and IGPI Group, Inc.
2. *2 
   Northern Europe comprises 13 countries: the U.K., Ireland, Belgium, the Netherlands, Luxembourg, Finland, Sweden, Denmark, Norway, Iceland, Estonia, Latvia, and Lithuania.
3. *3 
   See press release on September 12, 2023.
4. *4 
   TOKYO GAS CO., LTD committed to the Fund through its subsidiary.