NordicNinja, a Japanese venture firm that invests in Europe, has raised €200 million ($215 million) for its sophomore fund and will expand into the UK, Ireland and Benelux.
Fund II’s cornerstone investor is Japan Bank of International Cooperation. Other investors include BaltCap, Honda, Omron and Swedbank pension funds.
NordicNinja was founded in 2019 as a Japanese-European joint venture between JBIC IG Partners and BaltCap. Its debut fund, which raised €101 million, targeted start-ups in the Nordics and the Baltics. Fund II will continue to focus on those regions and expand to the UK, Ireland and Benelux.
Fund I backed 20 companies, including three that NordicNinja said have achieved unicorn status: Einride, a maker of electric self-driving trucks; Bolt, which offers a one-click online shopping solution; and Veriff, developer of AI-powered identity verification software.
NordicNinja Fund II is an Article 8 fund under the Sustainable Finance Disclosure Regulation, which means it invests in companies that have positive environmental or social impact.
“We need to start solving the hard problems and start solving them today if we’re to shift the dial in our fight against climate change,” managing partner Marek Kiisa said in a statement. “This is why sustainability and ESG underpin every deal, decision and discussion to ensure we’re focused on taking action.”