London-based investment house Ocean 14 Capital has received the backing of Monaco’s sovereign wealth fund, the Constitutional Reserve Fund, with a £10 million commitment enabling it to expand funding into ocean protection projects.
Monaco’s sovereign wealth fund commits £10 million to the developing blue economy.
Ocean 14 Capital has raised £100 million since its launch in December, showing the wealth of talent in providing innovative solutions to restoring ocean ecosystems.
It signals growing interest in the ‘blue economy’ which seeks to use ocean resources in a sustainable way – combining ecosystem health with resource management, jobs and economic growth.
Founding partner Max Gottschalk says that with this backing Ocean 14 Capital’s €150 million impact fund is on track to invest in 8 companies this year and to grow its portfolio to between 20 and 25 businesses within three years.
Seeking the double bottom line – impact and investment – to improve ocean health
Ocean 14 Capital is an investment advisor to Ocean 14 Capital Fund 1, a Private Equity fund focused on the United Nations’ Sustainable Development Goal 14: Life Below Water. The fund is classified under Article 9 of the SFDR (the EU’s Sustainable Finance Disclosure Regulation).
It invests in venture and growth companies and technologies that offer sustainable solutions for our oceans. It places equal emphasis on impact and investment. Since its launch in December, it has raised over £100 million.
Among the innovative companies receiving funding is a shrimp breeding technology specialist called SyAqua. Shrimp harvesting has a devastating impact on sea beds that support the base of the ocean ecosystem. Rival US startup Atarraya recently raised funding for alternatives to shrimp farming, highlighting growing competition in a growing sector.
While the blue economy has been slower to develop than the green economy, the bond markets are increasingly being used to protect marine areas and develop sustainably. The government of New South Wales recently released its five years strategy to support the development of blue carbon markets.