Gambare Gifu Fund and Gambare Japanese Company Fund have made investments totaling 80 million yen (40 million yen each) in Tsukioka Co., Ltd., which engages in hot stamping and production of edible pure gold leaf and edible film. Resting on outlays by Gifu prefectural government and ITOCHU Corporation, Gambare Gifu Fund is managed and operated by Challenge Japan Investment Co., Ltd. (CJI), a wholly-owned subsidiary of ITOCHU Corporation. Gambare Japanese Company Fund rests on outlays by ITOCHU Corporation, NTT Finance Corporation, and the Organization for Small & Medium Enterprises and Regional Innovation, Japan (SMRJ), and is also managed and operated by CJI.

Tsukioka’s main line is hot stamping using leaf from aluminum vapor deposition for a metallic feel and look. Drawing on the sophisticated technical expertise accumulated over its long years of activity since its founding, its products are in extensive used as packaging for many pharmaceuticals and cosmetics. In addition, it is the only firm in the hot stamping industry that has been certified under ISO 9001 (it acquired this certification in 2000), and ranks among the top for its stamping technology and production control.
Tsukioka developed edible pure gold leaf applying its processing technology and began selling it in 1995 as an accent for chocolate and pastry items. Today, this product is utilized in the merchandise of major confectionery manufacturers.

Harnessing the edible film technology utilized for its edible pure gold leaf, Tsukioka succeeded in developing edible film with a multilayer structure, and began producing it in 2002. This film enables adjustment of solubility (melting in the mouth), hygroscopic tolerance, and heat resistance. It also has excellent features regarding constituent uniformity, film thickness adjustment, and multi-layering of different constituents. At present, it is producing edible films for breath freshening for a major pharmaceutical manufacturer. There are good prospects for a rapid increase in its production of film agents as it advances into the field of pharmaceuticals made of edible film.

Thus far, Tsukioka has obtained licenses for manufacture of cosmetics and quasi-pharmaceutical products, and has a production and sales record for cosmetic packs and edible film for breath freshening using water-soluble edible film. It is considering development of business in pharmaceuticals and cosmetics applying this film, and is pursuing research together with major manufacturers of pharmaceuticals and cosmetics.

CJI decided to invest in Tsukioka in light of its high level of technical and production control capabilities, which are grounded on the aforementioned hot stamping and edible pure gold leaf production, as well as the wide application possibilities for multilayer edible film. In connection with the edible pure gold leaf and edible film technology and products, Tsukioka is going to collaborate with the Food Products Marketing & Distribution Division and Chemicals Division of ITOCHU Corporation in efforts to expand sales, and is aiming for initial public offering (IPO) at an early date.

Technical characteristics of edible film

• Adjustment of solubility (melting in the mouth): from 3 seconds to any duration
• Adjustment of film thickness: 10–500 microns
• Layering of different constituents (2–4 layers possible)
• Maximum admixture rate of high-performance materials (co-enzyme Q10, collagen, pharmaceutical materials, etc.)
• Adjustment of hydroscopic tolerance and heat resistance in the upper and lower layers by building the multilayer structure, to increase the film barrier performance
• High uniformity of constituent distribution in the film

Profiles of each company

Tsukioka Co., Ltd.

Challenge Japan Investment Co., Ltd.

Profiles of the funds

Gambare Japanese Company Fund

Gambare Gifu Fund

• 2013
• 2012
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• 2010
• 2009
• 2008
• 2007
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• 2004