London-based Ocean 14 Capital impact fund, focusing exclusively on the multi-trillion-dollar ‘blue economy’, has raised €10 million in funding. The investment comes from the Constitutional Reserve Fund of Monaco to support its mission of funding sustainable solutions to improve ocean health. The fund aims to act as a tidal surge to supercharge the blue economy, a sector using ocean resources for economic growth and preservation, which is expected to be worth $3 trillion by 2030, according to OECD.
The private equity firm has now raised €100 million since launching its growth-stage impact fund in December 2021. With the new cash, Ocean 14 Capital’s €150 million impact fund is on track to invest in 8 companies this year, and to grow its portfolio to between 20 and 25 businesses within three years.
Using the United Nations Sustainable Development Goal number 14: Life Below Water as a guiding principle, the fund will support entrepreneurs and businesses with big ideas around aquaculture and alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing.
The fund will focus primarily on investing in growth-stage businesses. It is aiming that around two thirds of the fund will go to companies based in Europe, with the remainder aimed to be used to invest in the rest of the world. The fund has already made three investments this year, including shrimp breeding technology specialist SyAqua and plastic management platform AION.
Chris Gorell Barnes, founding partner of Ocean 14 Capital, said: “Oceans are the critical life-support system for life on earth. If we are to save the planet, there is clear evidence that if we don’t have a healthy & functioning ocean, we have zero chance. The ocean provides half the oxygen we breathe, it absorbs half the carbon, it feeds the world, it employs hundreds of millions of people. If it’s not functioning, it will be game over for humanity. We launched Ocean 14 Capital to bring in the necessary capital to transform the blue economy and make it sustainable and regenerative, so that we can protect and restore the oceans health and make sure this vital economy can prosper.”
Prince Albert II of Monaco has a long history of supporting ocean conservation. His Foundation has invested over €90 million during the past 15 years to fund more than 700 projects, in a bid to promote ocean health and limit the effects of climate change.
Jean CASTELLINI, minister of finance and economy of Monaco, added: “This investment will enable Ocean 14 Capital to deliver the innovation needed to meet our climate and sustainability goals. The sustainable blue economy is now a key focus for us and this is a rallying cry for start-up and scale-up marine innovators globally to come forward and help avert the crisis in our oceans and return them to a healthy thriving state.”