The Ocean 14 Capital fund, a London-based impact fund focusing on the multi-trillion-dollar ‘blue economy,’ has received €30 million from Ingka Investments, the investment arm of Ingka Group, marking its first investment in the ‘blue economy.’
The announcement follows the Principality of Monaco’s €10 million commitment from the sovereign wealth fund in September 2022.
Founded in November 2021, Ocean 14 Capital, a firm focused on the Blue Economy, has raised €130 million to date.
With this backing, the UK-based impact fund aims to grow its portfolio to 20-25 businesses within three years. The company has already invested in four companies, including Tilabras, SyAqua, AION, and MITO.
Saving marine ecosystems with innovation
Ocean 14 Capital plans to invest the latest fund in growth-stage businesses. About two-thirds of the fund will be allocated to companies based in Europe, with the remainder set aside for international investments.
Previously, the VC firm completed an €80M first close in December 2021, with backers including the European Investment Fund (EIF), Chr. Augustinus Fabrikker, Builders Vision, Minderoo Foundation, and British businessman Alex Beard and Swedish entrepreneur Niklas Zennström.
Chris Gorell Barnes, Co-Founder of Ocean 14 Capital, said: “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.
“If there’s no ocean, there’s no us – it connects us all. It provides food security and plays a vital role in achieving the UN sustainability agenda.
“Davos 2023 radically shifted the dial on the conversation this year. There is a powerful undercurrent of momentum emerging as people are increasingly waking up to the fact that the ocean’s health is the engine of economic growth – and critical to national and global development.
“Is this the most important investment thesis of our time? We fervently believe yes. Without a healthy marine ecosystem, there is zero chance of humanity surviving.
“In less than two years we have backed four ground-breaking growth-stage companies, doing extraordinary work. So for Ingka Investments to recognize this just spurs us on further.”
Head of Financial Market Investments at Ingka Investments, Samuel Rundle said, “Ingka Group is guided by the IKEA vision to create a better everyday life for the many. As a purpose-led company, we aim to invest with impact, delivering positive returns for communities and the environment for generations to come. Ocean health is critical to a cleaner and more inclusive recovery. We were very impressed with the strategy of the Ocean 14 team and are excited to support the acceleration of sustainable solutions to improve our oceans.”