Luxembourg-based blue-economy specialist fund Ocean 14 Capital has secured a remarkable €30 million. An impressive €20 million comes from Convex Group Limited, an insurer, and reinsurer, while the remaining €10 million is courtesy of undisclosed family offices and high net-worth individuals.
Ocean 14 Capital is working to clean up and revitalize oceans. A leading blue economy private equity firm, it aims to transform late-stage ventures and growth ocean businesses into regenerative, circular, and data-driven platforms at industrial scale - firms that have the potential to be transformed into tech-enabled, scalable and regenerative growth platforms.
Having invested in four companies so far, the purpose-led impact fund, which has an initial portfolio of €150 million, believes that within three years it will have between 20-25 companies in its portfolio to support marine innovators. Its mission is to boost the blue economy, which the OECD predicts will be worth $3 trillion by 2030.
Surpassing its initial €150 million funding target, Ocean 14 Capital is now setting its sights higher, aiming to reach a substantial €200 million by the end of 2023. As part of this exciting journey, the firm has also unveiled a noteworthy investment of up to €10 million in Norway's Ava Ocean.
Ocean 14 Capital's support includes Convex and Co., joining the ranks of prominent investors like Ingka Group, H.S.H. Prince Albert II of Monaco's Constitutional Reserve Fund of Monaco, EIF, and Atomico founder Niklas Zennström.
Fueling their mission of ecological stewardship, Ocean 14 Capital co-founder Chris Gorell Barnes shares the vision of growing the portfolio to encompass 20 to 25 companies within three years. Already investing in five noteworthy ventures, such as SyAqua, a shrimp-breeding technology specialist, AION, a Norwegian plastics management platform; and The Kingfish Company, a land-based Dutch yellowtail producer, they are committed to making a positive impact on our oceans and environment.
The spotlight shines on Ava Ocean, a Norwegian company revolutionizing seafood harvesting practices, protecting precious ocean habitats, and preserving invaluable carbon sinks. As Ocean 14 Capital deepens its commitment to eco-friendly ventures, it marks a promising step towards a sustainable future for our blue planet.
