Cool Japan funds invest $16.7m in ramen chain

According to a release, the capital injection - comprising JPY700 million in equity and a JPY1.3 billion credit facility - will go towards the opening of Hakata Ippudo branches in major Western cities. It will also be used to establish central kitchens to serve as development platforms for other Japanese restaurants expanding overseas.

Cool Japan hopes that this investment will help clear a number of hurdles for Japanese restaurant businesses looking to build a global footprint, including  differences in food culture, difficulty opening branches, and the need for employee education.

Hakata Ippudo launched in Fukuoka prefecture in 1985 and set up its first overseas branch in New York in 2008. The company has since entered 11 Asian markets, but has only just broken into Europe, opening it first restaurant in London earlier this year.

With this investment, the fund hopes to fulfill its remit of promoting Japanese culture abroad by building a strong Japanese food brand overseas.

The Cool Japan Fund was launched in November last year and is looking to invest up to JPY90 billion in cultural exports such as fashion, food and media. The fund is managed by the Japan's Ministry of Trade, Economy and Industry (METI) and is targeting small to medium-sized enterprises (SMEs).

Koichiro Yoshizaki, a former director with The Carlyle Group and current founder of Growth Initiative, serves as CIO, while Nobuyaki Ota, managing executive officer of Matsuya Department Stores and former CEO of fashion label Issey Miyake, is CEO.

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• Topics
• North Asia
• Consumer
• Expansion
• Japan
• Consumer
• Growth capital