Nissay Capital invests $1.9m in towel company
Nissay Capital has invested JPY199 million ($1.9 million) in Japanese towel maker, Ikeuchi Towel. The size of the stake acquired was not disclosed.
Founded in 1953, the company is based in Ehime prefecture and specializes in making organic cotton towels. It also claims to be the first Japanese company to manufacture all its products using electricity generated from its own wind turbines.
According to a release, the new funds will be used to expand Ikeuchi's product range to include items such as bed linen and baby items. It will also expand its online store and look to sell more merchandise overseas.
The investment was made through Nissay's JPY10 billion vehicle, Nissay Capital 5. The 2011 vintage fund focuses on growth capital and early-stage investments.
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