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Ocean 14 Capital raises €30M to revitalise oceans worldwide, eyes €200M this year

Ocean 14 Capital funding
Picture credits: Ocean 14 Capital

The Ocean 14 Capital Fund works to clean up and revitalise the world’s oceans. It 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.  

Closes additional €30M funding 

Now, it has received a €20 million investment from international specialty insurer and reinsurer, Convex Group Limited, taking it past its €150 million funding goal. The fund also received €10 million from family offices and HNWs. 

With the fresh funds, Ocean 14 Capital aims to reach €200 million by the end of 2023. The investment from Convex means that the Ocean 14 Capital Fund has now raised €160 million from investors including Monaco’s sovereign wealth fund, European Investment Fund (EIF), and Niklas Zennström, the founder of Skype and €30 million from the investment arm of Ingka Group.

Chris Gorell Barnes, co-founder of Ocean 14 Capital, commented: “Over the next few years, the Fund aims to invest in many more companies that are all playing a part in saving the oceans. We want the blue economy to become mainstream as ocean health has a direct positive impact for consumers and commerce globally. The Fund is now aiming for investment of €200 million and as its advisers, we are confident that target will be met in the coming months”.

Benji Meuli, Chief Investment Officer, Convex, said: “The insurance industry can play a tangible role in the future of our planet and Convex sees investing in a sustainable blue economy as vital in our fight against the climate crisis. Ocean 14 Capital Fund’s commitment to strategically supporting businesses and initiatives will drive the kind of change that will bring about a brighter, cleaner future for our oceans and the communities they sustain”.

Notable investments by the fund

Founded by Chris Gorell Barnes, Ocean 14 Capital has recently invested in Ava Ocean, which has developed a unique, non-invasive harvesting gear for bottom-dwelling seafood such as scallops and sea cucumber without disturbing marine ecosystems. The technology combines an advanced water-flow system with AI and camera technology to precision-pick target seafood. Smaller sized specimens or bycatch are returned to the seabed undamaged.

With the fresh funds, Ava Ocean will embark on an ambitious international growth plan, accelerating their mission to lead a global shift towards more sustainable fisheries of bottom-dwelling seafoods.

Also, it backed Norselab, an Oslo-based investment manager focusing on impact through industrial transformation. Based on a single quota of arctic scallops, the company makes solid positive margins with its harvesting method.

With the injection of capital from the Ocean14 Capital Fund, Ava Ocean will embark on an ambitious international growth plan, accelerating their mission to lead a global shift towards more sustainable fisheries of bottom-dwelling seafoods.

Øystein Tvedt, CEO, Ava Ocean, said: “With the Ocean14 Capital Fund onboard, we can embark on the next chapter in Ava Ocean’s journey to reinvent seabed harvesting. The global potential for our solution is immense, and we are excited to be able to explore international opportunities with the support of the Ocean14 Capital Fund. With the support of the Ocean 14 Capital Fund, along with our existing investors, we are well-positioned to scale our operations for international growth and to further develop our innovative solution.”  

Maria de Perlinghi, Partner and Chief Impact Officer at Norselab, concluded: “Ava Ocean offers a commercially scalable solution to multiple stressors the ocean is subject to, which has far-reaching consequences for our climate, biodiversity, human health, and livelihoods. It’s a real alternative to the destructive catching practices currently deployed in most countries globally. We believe Ava Ocean can generate system-level impact in the seafood industry.”

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