Japanese bank partners with BaltCap for €100m fund

BaltCap’s Marek Kiisa will join the fund as managing partner but NordicNinja will operate independently, partnering with BaltCap only in an administrative capacity.

Kiisa is joined by two representatives from JBIC, Tomosaku Sohara and Shinichi Nikkuni, both as managing partners.

The new firm will be based in Helsinki and has recruited Claes Mikko Nilsen, co-founder of the Finnish Business Angels Network, as investment director for his local knowledge.

“JBIC has recognised the challenge that Japanese industry faces, that it lacks innovation and startup culture. This fund is a first move to try to learn a bit about that mentality,” Nilsen told Unquote.

NordicNinja will also use its corporate connections to help Nordic and Baltic scale-up-stage companies enter Japan and other Asian markets.

Roschier acted as legal adviser to the fund.

Investors
The fund has gained the backing of JBIC and three Japanese corporates: Panasonic, Honda and Omron.

The LPs see this venture as a chance to learn about business and startup culture in Europe but will not be involved in picking investments. “The investments will not be guided by our LPs. Honda is not telling us which mobility investments to do for example,” Nilsen said.

Investments
The vehicle will invest €2-5m in Nordic and Baltic techonology companies. Its main areas of focus are mobility, robotics, automation and healthcare, but it will look at other areas of technology as well. “We’re not doing any gaming investments,” Nilsen told Unquote. “People always ask because of the Japanese involvement, but it’s not part of our focus.”

On the topic of cryptocurrency investments, Nilsen said: “I have not been told not to, but to be honest it has not been on the table because we don’t really have the expertise in the team.”

People
NordicNinja - Marek Kiisa, Tomosaku Sohara, Shinichi Nikkuni (managing partners); Claes Mikko Nilsen (investment director).

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