UK-based Ocean 14 Capital Fund I, which focuses on the multi-trillion-dollar blue economy, has closed €201 million to support its mission of funding sustainable solutions to improve ocean health. The world’s largest food and beverage company Nestlé, HQ Capital, and The Green Earth Impact Fund managed by Schroders and BlueOrchard have invested in the fund.
Following the closing of this fund at the end of March, the impact fund has added a host of large institutional investors to its already high-profile list. Ocean 14 Capital Fund invests in 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 aims to act as a tidal surge to supercharge the blue economy, which is expected to be worth $3 trillion by 2030. Notably, the blue economy is a sector that uses ocean resources for economic growth and preservation.
Notable investments by the fund
Founded by Chris Gorell Barnes, Ocean 14 Capital Fund has made 14 investments and deployed over €60 million. Recently, goodcarbon, a Berlin-based startup bagged €5.25 million in funding led by Ocean 14 Capital alongside participation from other investors. The startup provides a platform for companies seeking to establish and manage trustworthy, long-term carbon credit portfolios from Nature-based Solution assets.
This funding will support the market launch of goodcarbon’s high-quality Nature-based Solutions, assisting companies in achieving their long-term climate neutrality and net zero goals.
In addition to this, Sau Paulo-based Tilabras raised €10 million from Ocean 14 Capital to further environmental farming of tilapia fish. Tilabras is a family-run business in Brazil that specialises in farming tilapia most sustainably, helping provide affordable, low-cost protein to a rapidly growing global population.
Other notable investments made by the UK-based fund include SyAqua, Bureo, AquaExchange, Sofar, Ava Ocean, and others.
Dan Smith, Head of Nestlé Purina’s Global Business Unit: “The world’s oceans have suffered from overfishing, pollution, and climate change, resulting in the dramatic loss of marine habitats. That’s why we are delighted to collaborate with the Ocean 14 Capital Fund I, a visionary partner that is at the forefront of exploring this field. Together, we aim to drive innovation and create positive change by preserving and harnessing the power of the ocean’s resources to ensure a more sustainable future. We recognise the potential within the blue economy and are dedicated to seizing the opportunities it presents.”
Natalie Wong, Investment Director, Schroders Capital and Daniel Freedman, Senior Portfolio Manager, BlueOrchard said: “We are thrilled to be investors in the Ocean 14 Fund I which marks a key milestone as The Green Earth Impact Fund’s first dedicated investment in the Blue Economy. Green Earth Impact Fund which is jointly managed by BlueOrchard and Schroders aims to create broad-based climate impact in areas including ocean and land-based preservation and restoration. We believe this investment has great potential to deliver on our impact goals while also generating attractive financial returns.”
Chris Gorell Barnes, co-founder of Ocean 14 Capital Limited said: “Oceans are the critical life-support system for life on earth. The ocean provides half the oxygen we breathe, it absorbs half the carbon, feeds the world, and it employs hundreds of millions of people. If it’s not functioning it will be game over for humanity. Institutions are now awakening to the fact that we need to overhaul the capital market to stand a chance of averting the climate crisis.”
Sheila Gungadin, Head of Investor Relations at the Ocean 14 Capital added: “The fundraising for the Ocean 14 Capital Fund has been a tremendous success, we are grateful for the support of all our investors especially in this current fundraising environment, with the ongoing succession of macro and geopolitical challenges. We are proud of our diverse LP base and appreciate their conviction in our team and strategy and trust in us”.
