“It is a real testament to the quality of our fund and intention that Ingka Investments has come on board in such a significant capacity,” said Chris Gorell Barnes, co-founder of Ocean 14 Capital.
Following the Principality of Monaco’s €10m commitment from the sovereign wealth fund in September 2022, Ocean 14 Capital has now raised €130m since launching its growth-stage impact fund in November 2021.
With this backing, the impact fund believes it is well on track to grow its portfolio to between 20-25 businesses within three years, having invested in four companies to date.
Focused on backing 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’s mission is to supercharge the blue economy, which, according to the OECD is expected to be worth $3 trillion by 2030.
Blue economy investments to date
October last year saw it back a Brazilian tilapia farmer, with Ocean 14 Capital investing over €10m in Tilabras. The farming company claims its production model enables the fish to be fed on a fully sustainable, plant-based diet, while minimizing the CO2 footprint.
The fund has also invested in SyAqua, a shrimp breeding technology specialist, AION, a Norwegian plastic management platform that uses proprietary technology to offer ‘Circularity as A Service’ to large-scale industries, and MITO, a clam hatchery and breeding company.
“Ocean 14 Capital focuses on five specific verticals. Investments in both alternatives to fish protein and aquaculture itself may include investments in aqua feeds. The other three verticals are sustainable fisheries, circular plastics, and marine flora/seaweed,” Max Holtzman, director of operations, Ocean 14 Capital told us previously.
Ocean 14 Capital is a collaborative effort between the founders of the Blue Marine Foundation, Gottex Fund Management, and consultancy, Pontos Aqua.